Digital gold is having a tough time right now. It has in fact been falling sharply for two days now.
Bitcoin experienced many euphoric months during last fall and winter, even to the point of setting a new record, and exceeding $70,000 several times. But that was when it was lousy outside. Since the return of good weather, it has been gray for digital gold. And the last two days were even worse, with very sudden falls!
Bitcoin briefly drops below $57,000
Bitcoin owners are facing more complicated times lately. While at the beginning of April, the queen of crypto could still go up to $72,000, it has since fallen back significantly, to stagnate around $63,000.
A first disappointment, which prepared the way for several more difficult days. It thus fell by 5% yesterday, to close at nearly 60,000 dollars, and today, it must suffer a decline of the same order, to the point of briefly falling below the 57,000 dollars mark. At the time of writing this article, Bitcoin is listed at around $57,830.
Post-halving shock?
And when Bitcoin suffers, it’s obviously the entire crypto market that suffers. Thus, according to the Coinglass site, $389 million in positions were liquidated in the last 24 hours on the crypto market, including $159 million for Bitcoin alone.
In recent days, several negative elements have punctuated the crypto news. First, there were rumors of a potential refusal by the SEC, the American financial regulator, of Ethereum ETFs, instruments which would allow traditional markets to speculate on this currency, like what is done with the Bitcoin ETF. Then, two days ago, the four-month prison sentence of Changpeng Zhao (CZ), the founder of Binance.
But more generally, it would be normal for Bitcoin to suffer a little after the halving, which was particular this year, since for the first time, Bitcoin beat its record from the previous cycle before this event. So, normal ephemeral correction, or start of several red months?
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