Cryptocurrency value jumps by $35 billion in one day

Stunningly, the cryptocurrency market skyrocketed more than $35 billion in value in less than 24 hours. Yes, you read that correctly.

A single Bitcoin hit a high of $9,388.30 U.S. — the highest level since March 7 — before settling in at $8,633.54 as of press time. A week ago, it was at $7,472.

What made this happen

CNBC reports the cause and effect is tied to central bank monetary policy, as well as an upcoming event known as Bitcoin halving. Halving is not an easy process to lay out in layman’s terms, but Coindesk provided a brief explanation of the process. 

“New Bitcoins enter circulation as block rewards, produced by ‘miners’ who use expensive electronic equipment to earn or ‘mine’ them. Every 210,000 blocks, or roughly every four years, the total number of Bitcoin that miners can potentially win is halved,” the news outlet explained.

Of course, with the number of Bitcoins entering the supply chain being cut in half, it’s reasonable…