Even as Bitcoin mining halving approaches, the world’s largest cryptocurrency by market capitalization has fallen below the $60,000 threshold.
bitcoin BTC
-2.038%
According to The Block’s pricing page, it was priced at $59,889 as of 12:00 PM ET on April 17th. Bitcoin. The token rebounded to just over $60,300 at 1:05 PM ET on the same day, down $2,423, or 3.9%, in the last 24 hours.
Liquidations in the perpetual futures market reached $15.54 million between 12:00 PM and 1:00 PM ET on April 17. The long liquidation amount was approximately $8.4 million, and the short liquidation amount totaled $6.02 million. According to cryptocurrency data tracker CoinGlass, 24-hour clearings hit $214.28 million across 67,301 traders.
Bitcoin price as of 1:16 PM ET on April 17th. Image: Block Price
Bitcoin hit a high of around $64,000 on April 16th by early April 17th.
Fed Commentary
The Bitcoin price decline began after the Federal Reserve Chairman said interest rates would not fall in the near future. On Tuesday, Federal Reserve Chairman Jerome Powell commented at a Washington forum that the U.S. central bank probably won’t hit its 2% inflation target anytime soon.
“Given the current strength of the labor market and the progress of inflation to date, it is appropriate to allow more time for restrictive policies to work and let data and the evolving outlook guide us,” Powell said, according to Reuters. said.
bitcoin halving
The Bitcoin halving, expected on April 19, will reduce mining rewards from 6.25 BTC to 3.125 BTC. This is the fourth Bitcoin halving since the network launched in 2009, and is a way to control the supply of the token and maintain its scarcity. This event occurs every 210,000 blocks, which are sequential units of data containing transaction history in the blockchain network.
The Block’s Bitcoin Halving Countdown shows that as of April 17th at 1:34 PM ET, the next Bitcoin Halving is 336 blocks away. The last halving occurred on May 11, 2020.
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