Bitcoin (BTC) price shocked the markets on Tuesday, recording a new peak price way ahead of the usual timeline. Though the market saw it coming, it caught many by surprise nonetheless, with over half a billion in total liquidations.
In addition to the Bitcoin spot ETF approval being the main driver behind BTC’s price rally to new all-time highs, the halving narrative has also played a pivotal role. The fourth Bitcoin halving is expected to occur on April 18, in roughly 47 days. This event will slash the block reward for miners from 6.25 BTC to 3.125 BTC. The fourth Bitcoin halving, embedded within Bitcoin’s code, reduces the rate at which new Bitcoins enter circulation by 50% every roughly four years or 210,000 blocks.
Arbitrum DAO passed a proposal to upgrade its two Layer 2 blockchains to accommodate Ethereum’s upcoming Dencun upgrade. The community passed the proposal, and the chain is now gearing up for low-cost transaction processing on the Ethereum chain.
ARB price rallied in response to recent developments. The asset is trading at $2.1389 at the time of writing.
