The cryptocurrency market is currently experiencing a severe correction that caught many market participants off guard just days ahead of the much-hyped halving event. Earlier today, the price of Bitcoin, the world's largest cryptocurrency, collapsed to $65,086 on the Bitstamp exchange. Ethereum is performing even worse than the largest cryptocurrency, collapsing more than 10% over the past 24 hours.
Cryptocurrencies declined in tandem with US stocks due to growing geopolitical risks while gold saw a brief rally earlier today. Due to the severe altcoin rout, Bitcoin's dominance has managed to spike to nearly 56%, which is the peak of the current market cycle. The most crypto crash comes just days before the upcoming halving event, which is expected to take place on Apr. 21.
As reported by U.Today, multiple experts, including Bitmex co-founder Arthur Hayes, are convinced that the cryptocurrency is going to experience a price decline around the much-hyped event. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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