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Bitcoin retreats just days before big Halving event

Published 16/04/2024, 11:17
Bitcoin retreats just days before big Halving event
BTC/USD
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ETH/USD
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Proactive Investors - 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.

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%.

Read more on Proactive Investors UK

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