Summary
TLDR: Bitcoin’s price dipped below $60,000 due to market volatility, influenced by macroeconomic factors like inflation. The upcoming transaction reward halving this weekend is also a factor. Ethereum’s price also briefly dropped below a key level before recovering.
Key Points
1. The price of bitcoin dipped below $60,000 during Wednesday’s afternoon trade as the crypto market continued to showcase its trademark volatility.
2. BTC’s price has hit a local low of $59,658, TradingView data shows, though the price has recovered somewhat to trade around $60,600.
3. Bitcoin (BTC) last traded below $60,000 on March 5, an event which occurred before the cryptocurrency surged to new all-time highs in the following days. BTC hit an all-time high of $73,780 on March 13 and has seen continued volatility since that time.