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Bitcoin Is Staging a Comeback Reminiscent of 2017 Bubble Frenzy

  • Coins awarded for processing transactions set to drop in May
  • Bitcoin post-halving rallies have averaged 446 days: Pantera
Cryptocurrency Mining As Bitcoin Slides Amid Stocks Rout
Photographer: Akos Stiller/Bloomberg
Updated on

It’s been left for dead more than once, written off as nothing but a bubble and denounced as rat poison by one of the world’s most famous investors. Yet Bitcoin is once again staging a comeback reminiscent of the token’s glory days, with evangelists pegging their hopes on a technical event as the new catalyst.

True believers say the gains are driven by Bitcoin’s upcoming halving, when the rewards miners receive for processing transactions will be cut in half as soon as May 12. The internet is glutted with second-by-second countdown clocks and the mania is even spurring a hike in hiring by crypto firms worldwide. Bitcoin has rallied to more than $9,000 in anticipation from around $6,000 just a month ago..