Bitcoin (BTC) fell below $60,000 on April 17 as US markets began trading, marking a return to prices last seen in early March before the digital currency hit new highs.
The flagship crypto touched a low of $59,658 before recovering modestly to around $60,800 at press time, based on CryptoSlate data.
Bitcoin was holding on to the $60,500 support level after a slowdown in selling pressure, with bulls attempting a potential recovery above $61,000.
Market turbulence
This drop comes at a time of general market turmoil, with Bitcoin and traditional stock markets showing signs of strain.
Bitcoin last fell to these levels on March 5, just before climbing to a record high of $73,780 on March 13. Since reaching this high, BTC has seen significant fluctuations – trading in a huge range between $59,000 and $72,500 since the beginning of April.
Experts attribute the current market volatility to various macroeconomic issues, including persistent inflation in the United States. Likewise, major stock indexes such as the S&P 500, Dow Jones and Nasdaq are all reportedly down today, reflecting broader economic uncertainties.
Further reinforcing the market's cautious sentiment, Federal Reserve Chairman Jerome Powell indicated during a recent press briefing that the central bank could further delay planned rate cuts.
Powell noted that recent data has not boosted confidence in the economy, suggesting a slower-than-expected recovery.
Altcoins mirror Bitcoin
Ethereum (ETH) also saw a decline, briefly falling below $3,000 to hit a low of $2,914 before stabilizing around $2,970 at press time.
Meanwhile, BNB fell to a low of $512 for the day, while Solana (SOL) reached $126.8 before both tokens returned to around $525 and $130 at press time.
The timing is crucial as Bitcoin approaches its halving event this weekend, which will reduce the block reward from 6.25 BTC to 3.125 BTC, potentially influencing the value of Bitcoin in the near term due to the decrease in supply pressure.
Investors are closely watching the impending halving, which is expected to take place between Friday evening and Saturday morning, as this event has historically triggered significant price movements.
As the market prepares for this pivotal event, current geopolitical and economic factors continue to cast a long shadow, suggesting that the crypto market's notorious volatility is far from over.
Bitcoin Market Data
At the time of going to press 6:55 p.m. UTC April 17, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is down 2.28% in the last 24 hours. Bitcoin has a market capitalization of $1.2 trillion with a 24-hour trading volume of $41.17 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of going to press 6:55 p.m. UTC April 17, 2024the total crypto market is valued at $2.23 trillion with a 24 hour volume of $94.2 billion. Bitcoin dominance is currently at 53.80%. Learn more about the cryptocurrency market ›