Summary
TLDR: Bitcoin price drops to just below $63,000 ahead of block reward halving, causing wider crypto market crash. Market jitters linked to geopolitical concerns in Middle East. Gold price climbs as safe haven asset. U.S. dollar index hits year-to-date high, exacerbating crypto market slowdown.
Key Points
1. The price of Bitcoin pulled back to a low of just below $63,000 as momentum stalled in the run-up to its anticipated block reward halving.
2. The wider crypto market tumbled alongside Bitcoin, with the combined market cap of all cryptocurrencies crashing by 6.4% to $2.4 trillion overnight.
3. The overnight price crash has seen more than $327 million in liquidations across the entire crypto market over the past 24 hours, with over $260 million in longs liquidated.