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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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-1.22%Reading
The Bitcoin halving is less than a day away, but the price of the leading cryptocurrency isn't showing much strength ahead of the quadrennial event. The price of Bitcoin plunged below $60,000 late Thursday for the first time since late February, falling as low as $59,573 at crypto exchange Coinbase.
The latest dip extends Bitcoin's recent losing streak, pushing its weekly dive to nearly 14%. Bitcoin's price has now fallen 18% since hitting an all-time high price of $73,737 just over a month ago.
Following the sudden dip, Bitcoin's price has rebounded slightly to $60,945 at present. It's still down by more than 1% over the past day, but plunged from a price of over $63,000 to below $60,000 in less than two hours.
Thursday's slide corresponds with another bout of geopolitical conflict, too: Explosions have been reported near a military base in Iran in the last hour-plus, according to news outlets. A U.S. official told CNN that Israel has struck Iran.
Bitcoin is due to undergo its hotly anticipated halving event in just over 24 hours as of this writing, slashing the rewards provided to Bitcoin miners in half and slowing the creation of new coins. Constraining supply sounds like a move that would spur a bullish market, but America’s biggest bank says it’s not so simple. In a Thursday note cited by Bloomberg, JP Morgan analysts said that the oldest and largest digital asset has already been overbought. “We do not expect Bitcoin price increases...
While details remain sparse at press time, the reported conflict follows a barrage of missiles and drone strikes that Iran fired at Israel last Saturday. Crypto prices similarly plunged amid last weekend's events, as well.
Other top coins like Ethereum and Solana have also dipped substantially over the last couple hours, but are starting to rebound.
With the Bitcoin halving just a day away, it would seem that by now most people would have gotten their answer to the enduring question: "Is it priced in?" But that won’t stop the crypto curious from continuing to ask it until the block height strikes 840,000. Nobody really knows what will happen to the price of Bitcoin after the halving, but we do know how previous events went down. “Buy the rumor, sell the news” is a widely circulated narrative when events like this come around. Some people, c...
The further downslide could cool excitement around Friday's Bitcoin halving, the event that takes place approximately every four years in which the BTC reward given to miners is slashed in half. The move is typically associated with an eventual rise in the price of Bitcoin due to a supply crunch.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Top Bitcoin miner MARA, formerly known as Marathon Digital, is planning to raise $850 million to buy more of the leading cryptocurrency, a filing with the Securities and Exchange Commission shows. And the firm’s stock fell sharply following the announcement. MARA—the biggest miner by market cap—said it will raise the cash via a private sale of 0% convertible senior notes due in 2032. The sale will be aimed at institutional buyers, the Fort Lauderdale, Florida-based firm said. Bitcoin Miner MARA...
Ethereum, which has spiked nearly 14% over the past week, will likely "head higher in the coming months,"as investor demand for ETH outstrips demand, according to Bitwise Chief Investment Officer Matt Hougan, Exchange-traded products based on Ethereum and treasury companies are likely to buy $20 billion of the asset over the next year, while the Ethereum network will probably produce 800,000 ETH during the same period, Hougan wrote. "That’s nearly 7x more demand than new supply—an even higher ra...
Publicly traded financial giants BNY Mellon Corporation and Goldman Sachs Group are collaborating on a tokenized money market product to improve utility and transferability of money market fund (MMF) shares, they said Wednesday. The product, built with technology developed by Goldman Sachs, will allow fund managers to enable the subscription of shares of MMF via BNY’s Liquidity Direct and digital assets platform that are then reflected with mirrored tokens on Goldman Sachs's Digital Asset Platfo...