Bitcoin Briefly Falls Below $60,000 Then Retreats Ahead of Halving
Bitcoin briefly dropped below $60,000 for the first time in more than a month, with volatility increasing ahead of a software update in the blockchain that has long been touted as bullish for the cryptocurrency.
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Bitcoin Briefly Falls Below $60,000 Then Retreats Ahead of Halving!#BTCHalving #BTC pic.twitter.com/Oee1HO4pO3
— The_Journalbiz (@the_journalbiz) April 18, 2024
Chart BTC price fluctuation
Cryptocurrency continues to trend downward before halving.
The drop has been accelerated by liquidations in bullish bets
The original digital asset fell as much as 5% to $59,888, before paring the decline. Bitcoin has dropped by about 18% since it reached a record $73,797 on March 14. Other smaller tokens such as Ether, Solana and Dogecoin slumped on Wednesday.
The drop comes in the lead-up to a highly anticipated code update in Bitcoin taking place as soon as Friday.
The quadrennial event, called the halving, has been considered a positive catalyst for Bitcoin prices since it reduces supply of new tokens from the blockchain. But concerns over whether the halving is already priced in against the backdrop of a risk-off investment environment have prompted an extended rout.
