Right now, the value of cryptocurrencies is dropping unexpectedly, surprising many investors who had been eagerly anticipating the upcoming halving event.
Despite the views of some macroeconomists and traders, including Henrik Zeberg who is well-known in these fields, Bitcoin is believed by him to be primed for further price increases.
A disastrous price crash
This afternoon, the price of Bitcoin, the leading cryptocurrency, dropped significantly to hit a low of $65,086 on the Bitstamp marketplace.
At press time, it is trading slightly above the $67,000 level after paring some losses.
In simpler terms, Ethereum (ETH) has dropped by over 10% in value within the last 24 hours, making its performance worse than that of the leading cryptocurrency.
Approximately $735 million in cryptocurrency was sold off during the last 24 hours, with losses coming predominantly from long positions, amounting to around $668 billion based on CoinGlass’s statistics.
The prices of cryptocurrencies dropped in unison with the US stock market recently, as increasing geopolitical tensions took hold. Meanwhile, gold experienced a short-lived surge earlier today.
Because of the sharp decline in the value of many alternative cryptocurrencies (altcoins), Bitcoin’s proportion of the total crypto market value has risen significantly, reaching approximately 56% – the highest point during this market trend.
The halving impact
The biggest cryptocurrency price drop occurs only a few days prior to the anticipated halving event scheduled for April 21.
According to U.Today’s news, several analysts, such as Arthur Hayes of Bitmex, believe that a drop in cryptocurrency prices is imminent following the highly anticipated event.
Despite this, Zeberg stays hopeful because a “bull flag” pattern is evident in Bitcoin’s four-hour graph.
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2024-04-12 23:18