---
title: "Bitcoin once fell below $60,000! Risk appetite sharply declined on the eve of the \"halving\", and the cryptocurrency circle encountered a wave of selling"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/202205371.md"
description: "Bitcoin continued to fall before the \"halving event\", with liquidation accelerating the downward trend. The price of Bitcoin once fell below the $60,000 support level, with a drop of about 18%. Other cryptocurrencies also experienced a sharp decline, and stocks related to cryptocurrencies also plummeted. Bitcoin's market value accounts for nearly 55% of the cryptocurrency market, reaching its highest level. The sharp drop in prices of Bitcoin and other cryptocurrencies occurred just before the highly anticipated \"Bitcoin halving\""
datetime: "2024-04-18T00:04:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/202205371.md)
  - [en](https://longbridge.com/en/news/202205371.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/202205371.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/202205371.md) | [繁體中文](https://longbridge.com/zh-HK/news/202205371.md)


# Bitcoin once fell below $60,000! Risk appetite sharply declined on the eve of the "halving", and the cryptocurrency circle encountered a wave of selling

According to the Zhitong Finance and Economics APP, the price of the world's largest cryptocurrency Bitcoin fell below $60,000, an important support level for the first time in over a month. In March this year, the price of Bitcoin soared to above $73,000, reaching a historical high. However, with a major update to blockchain software, known as the "Bitcoin halving event," the risk appetite in the crypto market sharply declined, leading to increased volatility in Bitcoin. The Bitcoin halving event has long been touted as one of the core factors driving the significant upward trend of this cryptocurrency.

On April 18, the price of Bitcoin, the largest cryptocurrency asset, dropped by 5% to $59,888 in the early morning, before narrowing the decline. It is currently hovering around $61,600. Since reaching a record high of $73,797 on March 14, the price of Bitcoin has dropped significantly by about 18%. Other relatively smaller cryptocurrencies such as Ethereum, Solana, and Dogecoin also experienced sharp declines on Wednesday, with their performance this year far less robust than Bitcoin's. Stocks closely related to cryptocurrencies, including MicroStrategy (MSTR.US), Coinbase (COIN.US), and Marathon Digital (MARA.US), also saw significant price drops.

According to the latest data from CoinMarketCap, as of last weekend, Bitcoin held nearly 55% of the market value share in the cryptocurrency market, which has a total value of $2.4 trillion. This is the highest level since April 2021. The year 2021 was considered a bull market year for Bitcoin, largely reflecting the strong demand for a Bitcoin spot ETF approved by the U.S. SEC, as well as the sharp decline in market value of smaller tokens. By total market value, Ethereum, stablecoin Tether, Binance Coin (BNB), and Solana follow Bitcoin in ranking.

The sharp drop in prices of cryptocurrencies like Bitcoin occurred just before the highly anticipated "Bitcoin halving" event, which is scheduled to take place this Friday. This quadrennial event, known as the Bitcoin halving, is considered a positive catalyst for Bitcoin prices as it significantly reduces the supply of new coins in the blockchain. However, investors are beginning to worry whether the price of Bitcoin, which hit a historic high before, has already absorbed the positive impact of the halving, especially against the backdrop of fading expectations of Fed rate cuts and geopolitical factors leading to a widespread increase in safe-haven investments. This has caused a sharp decline in risk appetite in the cryptocurrency market, potentially triggering a prolonged and significant downturn Co-founder Nathanaël Cohen of INDIGO Fund stated: "Investors are seeking to take on smaller risks, as the halving event will be a significant event affecting market trends, whether it is a major event overshadowed by the current popularity of ETF investments, remains to be seen." "There is also a macro factor, which is the tension in the Middle East region bringing greater selling pressure to risk assets such as cryptocurrencies."

It is worth noting that last week, a wave of long positions in digital assets liquidation accelerated the decline of Bitcoin. Last Friday, bullish cryptocurrency bets worth approximately $780 million were liquidated within 24 hours. Due to the turmoil caused by Iran's attack on Israel, some cryptocurrency investors began to shun risk assets, leading to a further decline in the price of Bitcoin.

**Bulls are calling out: Inflows of Bitcoin spot ETF funds may drive a new bull market for Bitcoin**

However, some market participants still believe that with the high leverage factor of cryptocurrencies being washed out in recent collapses, the long-term outlook for Bitcoin remains bullish under the push of Bitcoin spot ETF.

Ravi Doshi, Market Director at the bulk broker FalconX, stated: "FalconX's derivatives department continues to see long-term bullish buying interest, as our clients expect prices to rise significantly in the second half of this year."

The continuous inflow trend of Bitcoin spot ETF funds drove Bitcoin to reach a record high of $73,797 in mid-March this year. However, since then, stimulated by profit-taking sentiment and a significant cooling of expectations for a Fed rate cut, the price of Bitcoin has dropped by about 18%, while an index measuring a smaller category of cryptocurrency assets has fallen by over 30%. Recently, expectations for loose monetary policy in the United States in the cryptocurrency market have significantly waned. Generally, expectations of loose monetary policy may fuel speculative cryptocurrencies, which are mainly concentrated in smaller market cap cryptocurrencies.

The batch of US Bitcoin spot ETFs launched by American asset management giant BlackRock Inc. and well-known issuers such as Fidelity Investments three months ago has accumulated approximately $56 billion in ETF assets so far this year, making it one of the most successful inaugural products in the ETF asset category.

JMP Securities, a well-known investment firm on Wall Street, stated in a recent research report that in the next three years, Bitcoin spot ETFs tracking Bitcoin (BTC) may see inflows of up to $220 billion, which means that if the multiplier is applied to calculate new capital, the price of Bitcoin could double to reach $280,000.

"Although the inflow scale of Bitcoin spot ETF has exceeded our expectations, reaching $10 billion just two months after its launch," analysts at JMP Securities emphasized in the report: "The current level of fund activity and fund flow may still be just the tip of the iceberg Benjamin Celermajer, head of Magnet Capital, a digital asset management company, also added that the capital flow will continue to grow significantly as the regulatory approval of the US Bitcoin spot ETF is just the beginning of a "longer-term capital allocation process." Institutional investors are generally allocating a proportion of their portfolios to the US Bitcoin spot ETF, leading to a very strong performance of Bitcoin relative to other crypto markets

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