Bitcoin volatile ahead of halving

Bitcoin's price has remained steady around $62,705 with a minimal change, hovering around 0.02 per cent over the past 24 hours. Despite this stability, the total market capitalization of Bitcoin remains significant, sitting at $1.23 trillion. To explain the current state of the cryptocurrency, CNBC Africa was joined by David Gitonga, Founder of BitKE. Gitonga highlighted some key factors influencing Bitcoin's price, including the demand driven by regulatory developments that have allowed institutions to start accumulating crypto. The regulation of ETFs has seen about $200 billion flow into the crypto and Bitcoin space, indicating a positive trend for adoption and price increase. He also addressed the sustainability of Bitcoin's model, pointing out that over 50 per cent of the mining power used comes from renewable energy sources, with a growing interest in ensuring that Bitcoin mining is done sustainably. Gitonga mentioned initiatives like a company in Kenya that mines Bitcoin using renewable energy, indicating a shift towards more environmentally friendly practices in the industry. When discussing the impact of future government regulations on Bitcoin, Gitonga noted ongoing efforts in various countries to better regulate the cryptocurrency space. Examples include recent regulations in Kenya and South Africa allowing exchanges to trade and offer consultations, as well as the approval of Bitcoin ETFs in the United States and Hong Kong. These regulatory developments signal a positive shift towards clearer guidelines and increased adoption of cryptocurrencies, with potential implications for their prices in the market.