Cryptocurrency Market Stable Ahead of Bitcoin Halving

Bitcoin and other cryptocurrencies remained relatively stable on Friday, maintaining levels seen throughout the week as the market anticipates the upcoming Bitcoin halving—a key event expected to diminish the supply of tokens. Over the past 24 hours, Bitcoin's price has stayed around $70,700, close to its mid-March all-time high of nearly $74,000. This stability comes despite a brief selloff on Wednesday, triggered by persistent inflation data that could delay anticipated Federal Reserve rate cuts, which are generally favorable for cryptocurrencies

Bitcoin shows fundamental strength and could potentially retest the $74,000 mark soon. The upcoming halving, scheduled around April 20, is likely to further support Bitcoin's price by halving the issuance of new tokens, thus tightening supply amid rising demand.

Meanwhile, Ether, the second-largest cryptocurrency by market value, dropped 2% but remained just above $3,500. Smaller cryptocurrencies like Solana and Ripple saw minor losses, each down 1%, while meme coins such as Dogecoin and Shiba Inu each declined by 2%.