Bitcoin is in sell-off mode a day before the hotly anticipated Halving event due to happen tomorrow.
The benchmark cryptocurrency fell 4% against the US dollar yesterday, hitting an intraday low of less than $60,000. It was the first time bitcoin dipped below that price point in nearly six weeks.
Cryptocurrency prices have steadily declined in the week leading up to Friday’s Halving, when the rate of bitcoin distribution will be slashed in half.
The Halving is expected to support bitcoin’s price in the long run given its anti-inflationary qualities, but with bitcoin’s spot price already in a lofty position year to date, traders appear to be ‘selling the news’ in the short term.
Binance’s order book shows buying support at $60,000 though; indeed, the BTC/USD pair travelled back up to $61,650 in early Thursday trades.
Bitcoin is around 46% higher year to date – Source: tradingview.com
Bitcoin’s week-on-week losses have extended to nearly 13%, while Ethereum (ETH), the second-largest cryptocurrency, is down 16%.
In the broader altcoin space, Solana (SOL)’s week-on-week losses have extended to 25%, while Dogecoin (DOGE) is approaching 30% of losses.
Global cryptocurrency market capitalisation currently stands at $2.24 trillion, with bitcoin dominance at 54%.
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