The price of Bitcoin is now trading for below $61,000 per coin, plunging to nearly $60,000 as the pre-halving bloodbath continues losses following a rough weekend.

Bitcoin is currently trading for $60,266 according to data from CoinGecko, down nearly 3% over the past 24 hours. Zooming out further, Bitcoin has shed 12% of its value over the past seven days.

The leading cryptocurrency's price is now 17% below the new all-time high of nearly $74,000 that it hit in March.

Bitcoin is about to undergo a major change to its code: the halving. The quadrennial event will slash miner rewards in half, thus reducing the amount of coins unloaded on the market—a feature that some Bitcoin believers say is bullish.

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Ahead of the halving, the coin is experiencing heightened volatility—but not just because of its much talked-about event.

The sell-off comes as investors continue to cash out of the popular Bitcoin exchange-traded funds (ETFs), and after Federal Reserve Chair Jerome Powell said that the central bank needs to see more progress on the inflation front before cutting rates.

Last Friday, over $200 million in short positions were liquidated, too, leading to a heavier sell-off on Saturday after Iran launched an unprecedented attack on Israel. Liquidations surged over the course of the weekend, and Bitcoin's price suffered further as a result.

The rest of the crypto market isn't faring well, either: Every top 20 coin and token is down over the past 24 hours and week, with Toncoin being the lone exception, rising by 2% in the past day.

Edited by Andrew Hayward

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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