Bitcoin price plunges to nearly $60,000 as halving approaches

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The Price of Bitcoin is now trading for under $61,000 per coin, plunging to nearly $60,000 as the pre-halving carnage continues to inflict losses after a tough weekend.

According to data from CoinGecko, Bitcoin is currently trading for $60,266, down nearly 3% in the last 24 hours. To zoom in even further, Bitcoin has lost 12% of its value in the last seven days.

The price of the leading cryptocurrency is now 17% below the new all-time high of nearly $74,000 reached in March.

Bitcoin is facing a major change to its code: the halving. The quadrennial event will halve miners' rewards, thereby reducing the amount of coins brought to market – a feature some Bitcoin believers say is a positive.

Ahead of the halving, the coin is experiencing increased volatility – but not just because of the much-discussed event.

The selloff comes as investors continue to pull money out of the popular Bitcoin exchange-traded funds (ETFs), and after Federal Reserve Chair Jerome Powell said the central bank needed to see further progress on the inflation front before it Interest rates lowered.

Last Friday, over $200 million worth of short positions were also unwound, leading to a sharper sell-off on Saturday after Iran launched an unprecedented attack on Israel. Liquidations increased sharply over the weekend and the Bitcoin price continued to fall as a result.

The rest of the crypto market isn't doing well either: all of the top 20 coins and tokens are down over the last 24 hours and the last week, with Toncoin being the only exception, up 2% over the past day.

Edited by Andrew Hayward

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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