Bitcoin price today: halving event looms large

price edged higher Friday, pushing close to record highs as hotter-than-expected U.S. inflation data positioned the world’s most popular cryptocurrency as a potential hedge against the diminishing purchasing power of traditional currencies.

The event will halve the rate at which new Bitcoin is mined, tying into the narrative that the scarcity of the token will increase its value. The investment bank estimates that industry-wide gross profits, currently about $2.5 billion per quarter, will decline 30% to 40%, with the network hashrate declining as much as 80 EH/s peak to trough.

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