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of bitcoin price is currently trading below $61,000 per coin, but it has fallen to nearly $60,000 after a rough weekend and continued losses from the pre-halving debacle.
Bitcoin is currently trading at $60,266, down nearly 3% in the past 24 hours, according to CoinGecko data. Zooming out further, Bitcoin has fallen 12% of its value in the past 7 days.
The price of the leading cryptocurrency is currently 17% below its all-time high of around $74,000 in March.
Bitcoin is about to undergo a major code change: a halving. The once-every-four-years event will cut miners' rewards in half, resulting in a reduction in the amount of coins being released into the market, something some Bitcoin believers are bullish about. .
Coin volatility has increased ahead of the halving, and not just because of the highly talked about event.
Investors continue to flee popular Bitcoin exchange-traded funds (ETFs) and Federal Reserve Chair Jerome Powell says the central bank will wait for more progress on inflation before cutting interest rates. The selloff comes after the company said it needed to.
Short positions of more than $200 million were also liquidated last Friday, leading to an even bigger selloff on Saturday after Iran launched an unprecedented attack on Israel. Liquidations surged over the weekend, causing Bitcoin prices to fall further.
The rest of the cryptocurrency market is similarly not doing well. The top 20 coins and tokens are all down in the past 24 hours and week, with the only exception being Toncoin, which is up 2% in the past day.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
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