Reserve

Jerome Powell

Bitcoin

The price of Bitcoin immediately dropped below the $60,000 level as the halving approaches. 
According to <a href="https://crypto.news/tag/CoinMarketCap/" target="_blank" rel="">CoinMarketCap</a> data, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) is down more than 3% in price over the past 24 hours, trading at $59,800 when writing. Cryptocurrency trading volumes decreased by almost 12% to $40 billion. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14266409"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-17-at-19.07.32-1024x564.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="564" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-17-at-19.07.32-1024x564.png" alt="Bitcoin drops below $60k, traders liquidate $115m in 4 hours - 29"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
 </figcaption>
</figure> 
CoinGlass data shows that traders are actively liquidating positions. In the last four hours, traders have offloaded over $115 million worth of assets, $96.70 million of which were long positions and the rest short. The largest share of liquidations occurred on the <a href="https://crypto.news/tag/OKX/" rel="">OKX</a> crypto exchange, totaling $43.81 million. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14266410"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-17-at-19.10.51.png.webp"> 
 <img loading="lazy" decoding="async" width="1008" height="642" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-17-at-19.10.51.png" alt="Bitcoin drops below $60k, traders liquidate $115m in 4 hours - 30"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Source: Coinglass
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/crypto-com-ceo-anticipates-bitcoin-selling-prior-to-halving/" rel=""> Crypto.com CEO anticipates Bitcoin selling prior to halving </a> 
In a few days, the impending BTC <a href="https://crypto.news/tag/bitcoin-halving/" rel="">halving</a> will occur, with traders potentially exiting positions due to the seismic event. The halving will reduce miner rewards by 50%, stifling the number of coins uploaded to the market — a feature that some <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> supporters consider optimistic. 
In the run-up to the halving, the coin has experienced increased volatility, not only because of the halving. The sell-off also comes as investors continue to withdraw funds from popular Bitcoin <a href="https://crypto.news/tag/etf/" target="_blank" rel="">ETFs</a> after U.S. Federal Reserve Chairman Jerome Powell said the central bank needs to see more progress on the inflation front before cutting rates. 
Markus Thielen, head of research at 10x Research, <a href="https://crypto.news/bitcoin-miners-could-liquidate-5b-in-btc-post-halving/" target="_blank" rel="">notes</a> that crypto miners began accumulating Bitcoins in January 2024 to increase the imbalance between supply and demand. As a result, BTC’s price rose sharply and reached its historical maximum in March. 
On the other side, digital asset mining companies will gradually eliminate accumulated coins after halving, putting pressure on the price of cryptocurrencies. 
 You might also like: <a href="https://crypto.news/the-winners-and-losers-from-bitcoins-halving/" rel=""> The winners and losers from Bitcoin’s halving </a>

Bitcoin drops below $60k, traders liquidate $115m in 4 hours

crypto.news

Other articles published on Apr 17, 2024

USDC Airdrops From Octoblock Cause Inflow of Shiba Inu and Dogecoin Holders

Bitcoin Crashing, Buy The Dip? | Technical Analysis w/ Evan Aldo

Telegram CEO Pavel Durov’s Long-term Bitcoin Investment Highlights Shift in Crypto Stability and ...

Laughing Shiba Inu (LSHIB) to Skyrocket 2,500% Within 24 Hours, as DOGE and SHIB Struggle

Sui Teams Up With ByteDance’s BytePlus To Explore AI And Web3 Gaming

Telegram Founder Envisions Crypto-Inspired Devices For Private Communication

Join our free newsletter for daily crypto updates!