The price of Bitcoin dipped by approximately 4.8%, hitting an mark of $65,000 for the first time in a week, while the total crypto market value decreased by around 7%.
The price of Ethereum has likewise undergone a sell-off, with a decrease of approximately 8.5% within the past 24 hours. As reported by Coinglass, over 277,000 traders were forced to sell assets valued at around $877.79 million during this period.
The price drop of Bitcoin (BTC) might be due to a pre-halving correction and miners giving up. It’s common belief that the upcoming halving will trigger a more significant bull market for Bitcoin. A correction typically happens when investors sell off their holdings near the halving date, expecting a temporary peak before the event.
Around a week prior to the last halving in 2020, there was a significant decrease in price that resembled recent market fluctuations.
The prices of Bitcoin plunged to $65,000, Ethereum to $3,100, and Solana to $141. Liquidation ladders are activated, aiming for cross-collateralized leverages during the pre-halving retreat and miner capitulation. We had anticipated this.
— MartyParty (@martypartymusic) April 12, 2024
Before the bitcoin halving occurred, some miners chose to halt their operations due to rising difficulties and higher expenses. Notably, this week witnessed a new peak in the mining difficulty for bitcoin.
Bitcoin’s network automatically adjusts its mining difficulty to keep a steady block time, responding to fluctuations in overall mining power. When miners give up, the collective mining power decreases, causing the network to ease the mining difficulty, making it less challenging and possibly more lucrative for persisting miners.
Yet, investor doubt may be a contributing factor to the current Bitcoin Cash liquidation. Marathon Digital’s forecast earlier in the week indicated that this year’s halving might not significantly influence Bitcoin’s price because the token had reportedly peaked prematurely, with substantial investments from Bitcoin ETFs already flowing in.
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2024-04-13 00:06