- April 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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Bitcoin Price Drops Below $60,000 Ahead of Halving
The price of Bitcoin has taken a plunge, falling below the $60,000 mark as the halving event approaches.
According to recent data from CoinMarketCap, Bitcoin (BTC) has seen a decrease of over 3% in its price within the last 24 hours, with its current trading value at $59,800. Moreover, trading volumes in the cryptocurrency market have dropped by nearly 12%, amounting to $40 billion.
Traders are actively liquidating their positions, as per CoinGlass data. In a span of just four hours, traders have offloaded assets worth over $115 million, with $96.70 million being long positions and the remaining being short. The majority of liquidations have taken place on the OKX crypto exchange, totaling $43.81 million.
As the BTC halving draws near, traders are anticipated to exit their positions in light of this significant event. The halving will cut miner rewards by 50%, impacting the number of coins entering the market—a development that some Bitcoin enthusiasts view positively.
Leading up to the halving, Bitcoin has seen heightened volatility, attributed not only to the impending event but also to investors withdrawing funds from prominent Bitcoin ETFs following remarks from U.S. Federal Reserve Chairman Jerome Powell regarding inflation rates.
Markus Thielen, head of research at 10x Research, highlights that crypto miners started accumulating Bitcoins in January 2024 to tip the balance between supply and demand in their favor. Consequently, BTC’s price soared and reached its all-time high in March.
Conversely, digital asset mining firms are expected to gradually offload their accumulated coins post-halving, which could exert downward pressure on cryptocurrency prices.
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