Bitcoin Surges Past $48K Ahead of Halving, Assets Under Custody Up 250%

In a significant development for the cryptocurrency market, Bitcoin has surpassed the $48,000 mark. BlackRock, the world's largest asset manager, has recognized Bitcoin's ability to enable the low-cost, near real-time transfer of assets across borders, highlighting the cryptocurrency's growing mainstream acceptance. The surge in Bitcoin's price has been accompanied by a notable increase in trading volume and optimism about the digital currency's momentum. This bullish sentiment is further bolstered by the anticipation of Bitcoin's upcoming halving event, which historically has had a positive impact on its price. Additionally, cryptocurrency assets under custody have seen a 250% increase, partly fueled by the approval of a spot Bitcoin ETF, indicating a rising institutional interest in Bitcoin. In 2023, miners sold $1.6 billion in stock, preparing for the halving event.