Bitcoin tops $10,000 as ‘halving’ draws near | News

The world’s biggest cryptocurrency briefly rallied back above $10,000 ahead of a technical event seen by some as a catalyst for longer-term price gains.

Bitcoin rose as much as 2.7% to a high of $10,070 on Friday in Asia trading, briefly taking it into five figures for the first time since Feb. 24, and was holding at $9,929 at 7:40 a.m. in New York. That’s before the cryptocurrency’s upcoming halving, when the rewards miners receive for processing transactions will be cut in half as soon as next week, an intentional feature of Bitcoin designed to control inflation.

“Bitcoin trades sentiment-driven at its peaks and valleys, and the post-halving hangover is part of the normal price ebbs and flows on top of Bitcoin’s fundamental value,” said Jehan Chu, managing partner with blockchain investment and advisory firm Kenetic Capital.

The cryptocurrency has more than doubled in price since mid-March, joining a wider rally in global equities since getting rocked by…