BTC/USD: Bitcoin Briefly Dips Below $60,000 as Crypto Market Sheds $200B in Broad Pullback

Illustration by TradingView

Bears are taking over the week with major tokens getting hurt badly. Solana nurses a 20% loss. Ethereum is down 15%.

Key Points:

  • Bitcoin prices rebound from $60,000.
  • Ethereum and Solana are down bad.
  • Halving approaches any minute now.
  • Bitcoin prices BTCUSD briefly dipped below $60,000 on Wednesday, marking a one-month low before courageous buyers stepped in and bought the dip. Early Thursday morning prices floated near $61,000. Still, it’s been a painful week for crypto enthusiasts with more than $200 billion wiped out from the broad digital-asset market. What’s driving the sale?
  • Sector-wide, the halving event approaches (any minute now) and rewards for Bitcoin mining will get slashed in half from 6.25 BTC to 3.125 BTC. Broadly, it hasn’t been a great week for markets in general. Stocks are getting hammered, inflation is likely to persist for longer, and the US dollar is pulling in cash as a safe-haven asset.
  • Back to the crypto space. The biggest tokens weren’t spared in this week’s selloff. Ethereum ETHUSD is down about 15% over the past five days. And Solana SOLUSD, the most vicious Ethereum rival, is down by 20% for the same time span. The upcoming halving event could stir up volatility across the board.