May 24, 2024

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Bitcoin price fell below $62,000 as momentum stalled ahead of the halving

Bitcoin price fell below $62,000 as momentum stalled ahead of the halving

the Bitcoin price It fell to a low of just under $63,000 as momentum stalled in the run-up to the expected block reward halving.

With the halving after just three days, Bitcoin BTC fell to a low of $61,867 and erased its gains over the past month. The cryptocurrency is currently trading at around $62,500, down 5.6% on the day and 11.2% on the week, according to data from Queen Gekko.

The broader cryptocurrency market fell alongside Bitcoin, with the combined market cap of all cryptocurrencies falling 6.4% to $2.4 trillion overnight.

All of the top 20 cryptocurrencies by market cap, excluding stablecoins, fell overnight, with the likes of Solana (SOL), Toncoin (TON) and Bitcoin Cash (BCH) falling by double digits during the day.

The overnight price collapse saw more than $327 million in liquidations across the entire cryptocurrency market over the past 24 hours, with more than $260 million worth of long positions liquidated, according to data from Queen Glass. Of these, Bitcoin itself accounts for over $83 million in long positions that were liquidated during that period.

Bitcoin filtering. Source: Coinglass

Until a few days ago, the prevailing narrative was that Bitcoin was experiencing increased volatility due to the halving. But market tensions now appear to be linked to broader geopolitical concerns as tensions rise in the Middle East, including Israeli air strikes in Gaza and Iran's direct military attack on Israel.

The spot price of gold rose to Highs are over $2,400 on Monday as consumers sought to pursue traditional safe-haven assets Iran's attack on Israel during the Weekend. The Israeli army chief warned on Monday that the country would do just that Respond To attack, while world leaders He urged restraint Hoping to avoid an escalating crisis in the region.

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Elsewhere, the US dollar index hit The highest level since the beginning of the year so farWhich reflects the strength of the dollar and exacerbates the slowdown in the cryptocurrency market; The index tracks the value of the dollar against six major foreign currencies: the euro, the Swiss franc, the Japanese yen, the Canadian dollar, the pound sterling, and the Swedish krona.

Edited by Stacey Elliott.