Bitcoin Hits Highest Level Since Black Thursday Amid Halving Buzz

Bitcoin’s rally is gathering pace with the mining reward halving now just 14 days away. 

The top cryptocurrency by market value rose to $7,800 early on Monday to hit its highest level since March 12 – dubbed “Black Thursday” – when prices fell from $7,950 to $4,700 as the coronavirus pandemic crashed most markets. 

At press time, bitcoin is changing hands near $7,700, representing a 100 percent gain on the low of $3,867 registered on March 13. 

While the major part of the recovery rally could be associated with the uptick in the S&P 500 and the global stock markets, the recent move from the April 21 low of $6,800 to $7,800 looks to have been fueled by factors other than moves in equities.  

That’s evident from the fact that bitcoin rose 8 percent last week, while the S&P 500 suffered a 1.3 percent loss and oil markets cratered on oversupply concerns.

Bitcoin looks to have partly decoupled from the equity markets due to the bullish narrative surrounding the upcoming…