The world's largest cryptocurrency by market capitalization dropped below the $60,000 threshold even as the bitcoin mining halving looms closer.
Bitcoin hit $59,889 around 12:00 p.m. ET on April 17, according to The Block's Price page for bitcoin. The token rebounded to just over $60,300 at 1:05 p.m. ET on the same day, experiencing a decrease of $2,423, or 3.9%, in the past 24 hours. In the perpetual futures market, liquidations reached $15.54 million between 12:00 p.m. ET and 1:00 p.m. ET on April 17. Long liquidations were about $8.4 million and short liquidations totaled $6.02 million. Twenty-four-hour liquidations hit $214.28 million across 67,301 traders, according to the crypto data tracker CoinGlass. Bitcoin saw a high of roughly $64,000 on April 16 going into early April 17.
According to Reuters, Powell said, "Right now, given the strength of the labor market and progress on inflation so far, it's appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us." The bitcoin halving, expected on April 19, will cut mining rewards from 6.25 BTC to 3.125 BTC.
The Block's bitcoin halving countdown shows that as of 1:34 p.m. ET on April 17, the next bitcoin halving is 336 blocks away. The last halving occurred on May 11, 2020. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
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