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UPDATE: Jun. 22, 2023, 12:30 p.m. EDT This story has been updated with the latest

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The price of bitcoin has experienced the strongest first half of a year since 2019, nearly doubling in value since the start of 2023. The world’s leading cryptocurrency reached above $31,000 this week, up from $16,000 in January, pushing its market cap above $600 million for the first time in more than a year. Some crypto analysts suggest the approaching ‘halving’ event, which will see bitcoin mining rewards drop by 50 per cent, could be one factor behind the cryptocurrency’s positive price trend. Bitcoin’s halving takes place roughly every four years, with the crypto’s price cycles viewed by many traders and investors as being intrinsically link to the event. Sometimes referred to as “the halvening”, the seismic event is built-in to bitcoin’s technological foundations, and is aimed at making the digital currency anti-inflationary by reducing its supply. “The months prior to the halving have historically seen the start of a bullish trend for the market, hence the market participants are carefully looking at the second half of 2023,” Matteo Greco, a research analyst at the fintech investment firm Fineqia International, told The Independent. “Riot Platforms, an industry leader in bitcoin mining and data centre hosting, announced a $162 million investment to purchase 33,280 miners, aiming to nearly double its computational power in anticipation of the next halving.” Mr Greco pointed to the cryptocurrency litecoin, once referred to as the silver to bitcoin’s gold, which typically experiences its halving event a few months before its more famous rival. In the months leading up to Litecoin’s halvings in 2015 and 2019 its price saw massive gains, which were then replicated by bitcoin. Litecoin’s next halving is currently scheduled for 3 August 2023 and it is once again experiencing a significant price increase, outperforming broader market trends. “Litecoin often served as a sentiment metric on the bitcoin halving,” Mr Greco said. “The big increase in price, while most of the altcoins keep lagging, suggests bullish sentiment is increasing ahead of the next BTC halving.” Bitcoin’s halving is currently scheduled for 26 April, 2024, with pseudonymous crypto trader PlanB noting another historic price trend that could signal more gains over the coming months. “Buy bitcoin six months before a halving and sell 18 months after a halving has historically beaten ‘buy and hold’ [trading strategy],” he tweeted on Monday. “The next halving is in April 2024... Will this strategy work again?” Read More How bad is bitcoin for the environment really? Crypto experts discuss bitcoin price predictions What is Solana? The crypto rising 200-times faster than bitcoin Could Norwegian fjords and waterfalls stop bitcoin from destroying the planet?

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Microsoft has been given a non-voting observer seat on OpenAI’s board, following the official return of Sam Altman as the ChatGPT company’s chief. OpenAI reached a deal to have Mr Altman back as the company’s chief executive, just days after it abruptly fired him. Mr Altman said he was looking forward to returning to OpenAI with the support of Microsoft chief Satya Nadella. “Sam Altman is back as CEO, Mira Murati as CTO and Greg Brockman as President. OpenAI has a new initial board,” OpenAI posted on Thursday on X. “I have never been more excited about the future. I am extremely grateful for everyone’s hard work in an unclear and unprecedented situation, and I believe our resilience and spirit set us apart in the industry,” Mr Altman said in a memo to employees. The addition of Microsoft, which has heavily invested in OpenAI, to its board as a non-voting observer means the software giant will get more access to view the company’s progress. It will, however, not have an official vote on its decisions. Mr Altman’s return also resolves some of the uncertainties around the non-profit company and its leadership. “The best interests of the company and the mission always come first. It is clear that there were real misunderstandings between me and members of the board,” the returning chief said in his memo. “For my part, it is incredibly important to learn from this experience and apply those learnings as we move forward as a company,” he said. “I welcome the board’s independent review of all recent events.” With three of the board members who ousted Mr Altman now gone, the company said its new board will consist of former Salesforce co-chief Bret Taylor, who will be OpenAI chairman, former treasury secretary Larry Summers and Quora boss Adam D’Angelo. OpenAI co-founder Ilya Sutskever, who voted to remove Mr Altman and later changed position to push for his return, will also exit the board, the company said. Greg Brockman, who quit the company amid the chaos last week, is returning to his previous role as the company’s president, OpenAI said. “Our research roadmap is clear; this was a wonderfully focusing time. I share the excitement you all feel; we will turn this crisis into an opportunity,” Mr Altman told employees. Read More Inside OpenAI’s bizarre boardroom battle with the man ‘who can see the future’ Microsoft stock just hit an all-time high amid OpenAI chaos Microsoft chief hints Sam Altman may return as OpenAI staff demand board resignation OpenAI staff ‘threaten to quit over ousting of Sam Altman’ Microsoft’s new AI tool cleans up messy backgrounds in video calls Nasa has received a signal from 10 million miles away

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