Hassan Maishera
TL;DR
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Bitcoin is having a poor start to the week, as it is down by 3% in the last 24 hours.
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Investors are neutral ahead of the Bitcoin halving event.
BTC Slips Below $63k as Halving is Three Days Away
The cryptocurrency market is having another poor week, with prices of most coins and tokens down by more than 3% in the last 24 hours.
Bitcoin has lost 3.7% of its value during that period and is trading below $63k once again. At press time, Bitcoin’s price stands at $62,688, down by 12% over the last seven days.
The poor performance comes ahead of the Bitcoin halving. CoinDesk Indices' Bitcoin Trend Indicator (BTI) shows that the market has turned neutral, after staying in a bullish position since last fall. CoinDesk explained that the BTI is a daily signal communicating the direction and strength of Bitcoin's price trends through a purpose-built algorithm.
The Bitcoin halving is three days away, with the block reward expected to decrease from 6.25 to 3.125 coins.
With Bitcoin underperforming, major altcoins are also trading in the red zone. ETH is down by 3% and could slip below $3k soon if the momentum continues. Meanwhile, Solana is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 10% of its value to hit the $133 mark for the first time in weeks.
Toncoin’s TON is another heavy loser, as it lost 9% of its value. However, trading at $6.38, TON maintains its position as the 8th-largest cryptocurrency by market cap.
The total cryptocurrency market cap continues to decline and now stands at $2.27 trillion after losing 3.8% of its value over the last 24 hours.
