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Bitcoin Experiences Price Decline Below $60,000
On April 17, Bitcoin (BTC) faced a downturn, dropping below the $60,000 mark as US markets initiated trading. This movement marked a regression to values last observed in early March prior to the cryptocurrency’s surge to new peaks. The premier digital asset reached a low of $59,658 before showing a slight recovery to approximately $60,800 at the time of reporting, according to data from CryptoSlate.
Bitcoin was hovering near the $60,500 support threshold following a reduction in selling pressure, with bullish forces striving to initiate a potential upturn beyond $61,000.
Market Volatility
The decline coincided with a period of widespread market instability, manifesting in both Bitcoin’s price and traditional equity markets exhibiting signs of tension. The last occasion Bitcoin reached these price points was on March 5, just before soaring to a historic high of $73,780 on March 13. Subsequent to this peak, BTC underwent notable fluctuations, oscillating within a vast range of $59,000 to $72,500 since the start of April.
Experts attribute the persistent market volatility to various macroeconomic concerns, most notably ongoing inflation within the United States. In parallel, major stock indices such as the S&P 500, Dow Jones, and Nasdaq witnessed declines today, reflecting broader economic uncertainties prevailing.
Further exacerbating the cautious mood in the markets, Federal Reserve Chair Jerome Powell stated in a recent press briefing that the central bank may postpone anticipated rate adjustments. Powell highlighted that recent data failed to instill confidence in the economic outlook, suggesting a slower recovery trajectory than initially projected.
Altcoin Performance Reflects Bitcoin’s Trend
Concurrently, Ethereum (ETH) experienced a dip, momentarily slipping below the $3,000 milestone to touch a low of $2,914 before stabilizing around $2,970. In a similar vein, BNB descended to $512 temporarily, while Solana (SOL) reached $126.8 before both assets rebounded to approximately $525 and $130 at the time of writing.
Given the impending halving event this weekend, wherein the block reward is set to decrease from 6.25 BTC to 3.125 BTC, market analysts anticipate potential short-term impacts on Bitcoin’s value arising from reduced supply pressure. Investors remain attentive to this significant event, scheduled to take place between late Friday and early Saturday, as historical data suggests substantial price movements following such occurrences.
As the market gears up for this pivotal juncture, ongoing geopolitical and economic factors loom large, indicating that the well-known volatility of the crypto market shows no signs of abating.
Bitcoin Market Data
As of 6:55 pm UTC on April 17, 2024, Bitcoin is positioned as the top-ranking cryptocurrency by market capitalization, witnessing a decline of 2.28% within the previous 24 hours. The digital asset boasts a market capitalization of $1.2 trillion and a trading volume of $41.17 billion over the same period.
Crypto Market Summary
At the same timestamp, the overall cryptocurrency market is valued at $2.23 trillion, registering a 24-hour trading volume of $94.2 billion. Bitcoin’s dominance within the market currently stands at 53.80%.
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