Bitcoin retreats just days before big Halving event
Proactive Investors
Published Apr 16, 2024 19:48
Updated Apr 16, 2024 20:00
Bitcoin retreats just days before big Halving event
Bitcoin (BTC) is suffering at the hands of escalating tensions between Iran and Israel which have harmed risk assets across the board this week.
The world’s largest cryptocurrency fell 3.4% against the US dollar on Monday to close at $63,318, marking the worst closing price in nearly a month.
Today has seen bitcoin stabilise somewhat, though the BTC/USD pair had another 0.15% chipped away to swap for $63,219 at the time of writing.
Bitcoin is currently 50% higher year to date – Source: tradingview.com
Lacklustre exchange-traded fund performance has contributed to near-term bearishness, with the data showing two straight trading days of outflows.
Bitcoin’s retreat from March’s all-time high comes just days before the next Halving event, which is scheduled to happen on Friday.
In a research note published by JPMorgan (NYSE:JPM), analysts said “we think recent weakness offers an attractive entry point”, not just for bitcoin, but for bitcoin mining stocks that “offer attractive relative valuations”.
Ethereum (ETH) closed Monday 1.7% lower against the US dollar following a volatile session that saw the ETH/USD pair oscillate 4.5% between intraday highs and lows.
The pair is currently trading at $3,085 following a flat morning session.
Week on week, bitcoin is 10% lower compared to ether’s 15% dip.
In the broader altcoin space, Solana (SOL), Dogecoin (DOGE) and Cardano (ADA) tokens have all retreated over 20% week on week, while BNB has remained relatively stable at 5.6% lower.
Global cryptocurrency market capitalisation currently stands at $2.31 trillion, with bitcoin dominance at 54.1%.
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