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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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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.


Image: BTC