Bitcoin plummeted below $60,000

15 Apr 2024

Bitcoin price plummeted below $60,000, leading to a series of other cryptocurrencies down 10-30%.
On the morning of April 14, the price of Bitcoin dropped to $60,000, leading to a series of other cryptocurrencies falling. Currently, Bitcoin is down 5.05% over the past 24 hours, trading at $63,142.91. The project's market capitalization fell to $1,242,772,763,945, however the 24h volume was up 17.78% at $54,913,225,100. Bitcoin is to maintain its position as the number one cryptocurrency in the market by capitalization.

Over the past 24 hours, position liquidation increased to nearly $1 billion. In which, the liquidation value of long positions is 756.86 million USD, short positions are 179.69 million USD.Of the 10 cryptocurrencies with the largest capitalization on CoinMarketCap, 9 are currently trending down compared to the previous 24 hours. DOGE is the coin with the biggest downtrend of 9.22%. ETH fell as much as 12 percent to $3,100 yesterday, now narrowing its decline to 6.29 percent.

According to data from CoinDesk, the 20 largest tokens are down nearly 10%. In which, ADA, AVAX, BCH, FIL and APT plummeted by 15-20%. Altcoins with medium or low cap drop 25-30% in just a few hours. After the market turned red, more than $900 million of futures trading positions on exchanges were liquidated with more than 80% being long positions.

Western media claim that the drop in Bitcoin price is related to Iran-Israel tensions. US President Joe Biden has said the White House will resist Iran's actions as it deliberately makes military threats against Israel. A number of British and American warplanes are deployed to bolster defences in the Middle East.

However, some market analysts argue that this is a sign of halving Bitcoin and BTC soon to return to over $70,000. If a halving occurs, the market is witnessing a new ATH of Bitcoin and concerns about declining asset values will quickly disappear.

After the BTC halving in 2012, 2016, and 2020

the Bitcoin price increased approximately 93 times, 30 times, and 8 times, respectively, from the day halving price to the cyclical peak. The co-founder of the cryptocurrency exchange — NexoAntoni Trenchev — said the 2024 halving is special because Bitcoin has surpassed the previous cycle's high. Unprecedentedly, trying to predict the length and severity of this cycle becomes more difficult. The event could take place in late 2024 - early 2025.

This event not only impacts the cryptocurrency market but also affects the price of precious metals such as gold or the dollar. As it gained popularity, Bitcoin became "digital gold" and replaced USD as the world's general currency.

See Also: Bitcoin Soars Past $71,000 Mark

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