LIVEWhy bitcoin is down today?
Bitcoin (BTC) stands on the cusp of a major surge, largely fueled by the imminent Bitcoin Halving slated for April 19. The halving event, occurring roughly every four years, slashes the rewards for mining new blocks, thereby reducing the pace of new bitcoin creation. This event is a cornerstone of Bitcoin's economic design, underpinning its status as the premier cryptocurrency by value.
However, despite this anticipation, Bitcoin's price has dipped today, hovering just above $66,000 at present. This contrasts with the earlier levels surpassing $71,000 on Friday, prompting concern among some investors about the sudden downturn.
Yet, many analysts foresaw such fluctuations as the halving approached. April witnessed Bitcoin steadily climbing toward the $73,000 threshold observed during March's bullish crypto streak. Although the recent decline, marking a 5% drop in 24 hours, lacks a clear explanation, heightened trading volume hints at a potential correction.
With the halving imminent, Bitcoin's trajectory is likely to stabilize, barring any unforeseen drastic events