Summary
Bitcoin’s price has dropped to below $61,000 per coin, down nearly 3% in the past 24 hours and 12% over the past week. The upcoming halving event is contributing to the heightened volatility, along with investors cashing out of popular Bitcoin ETFs and concerns about inflation. The rest of the crypto market is also down, with Toncoin being the only exception.
Key Points
1. The price of Bitcoin has dropped below $61,000 per coin, experiencing a rough weekend with losses continuing in the pre-halving bloodbath.
2. Bitcoin is currently trading at $60,266, down nearly 3% in the past 24 hours and 12% over the past seven days, falling 17% from its recent all-time high.
3. The sell-off in Bitcoin comes as investors cash out of popular Bitcoin exchange-traded funds (ETFs), Federal Reserve Chair Jerome Powell hints at waiting for more progress on inflation before cutting rates, and over $200 million in short positions were liquidated, leading to a heavier sell-off.