Bitcoin’s (BTC) price looks to have stabilized right around $70,000 U.S. per token ahead of an upcoming halving event that’s expected later in April.
Other cryptocurrencies such as Ethereum (ETH) are also trading flat to start the second quarter of the year.
Bitcoin enjoyed strong gains during the year’s first quarter after spot BTC exchange-traded funds (ETFs) were approved for the U.S. market.
From January through the end of March, Bitcoin’s price rose 58%. Ethereum’s price gained 51% during Q1 and currently trades at $3,550 U.S. per token.
While inflows to Bitcoin ETFs have slowed in recent days, there are expectations that the price of the largest cryptocurrency will rise leading into the halving event that’s expected in the second half of April.
A halving event is when the amount of Bitcoin that can be mined, and the rewards received for it, is reduced by 50%. Past halving events have driven the price of Bitcoin and other cryptocurrencies higher.
