Bitcoin rose almost 75%, from a level of $42,283 to new highs above $73,000 in the first quarter. This rise was supported by huge financial flows from US investment funds, in addition to the halving in the rating process that occurred on April 19, which was eagerly awaited, and expectations of a cut in federal interest rates.
The Bitcoin halving should be viewed as a symbolic event more than anything else, as it boosts the value of Bitcoin amid relatively high inflation rates.
Despite the recent block reward halving, it is the profitability of Bitcoin miners who use less efficient mining hardware that is at risk. As these miners exit the Bitcoin network, analysts expect a significant drop in hashrate and a consolidation of Bitcoin miners who own the largest share of listed miners.
Despite the recent decline, leading financial institutions remain optimistic about Bitcoin's long-term future.
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