Bitcoin (BTC) and Ethereum (ETH) Getting Crushed. Is Bull Run Over?

Fri, 04/12/2024 - 19:50
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The cryptocurrency market is currently experiencing a severe correction that caught many market participants off guard just days ahead of the much-hyped halving event. 

However, prominent macroeconomist and trader Henrik Zeberg is convinced that Bitcoin is actually poised for "more upside."

A disastrous price crash  

Earlier today, the price of Bitcoin, the world's largest cryptocurrency, collapsed to $65,086 on the Bitstamp exchange.      

At press time, it is trading slightly above the $67,000 level after paring some losses. 

Ethereum (ETH) is performing even worse than the largest cryptocurrency, collapsing more than 10% over the past 24 hours. 

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Roughly $735 million worth of crypto has been liquidated over the past 24 hours, with long positions accounting for virtually all of this wipeout ($668 billion), according to CoinGlass data.  

Cryptocurrencies declined in tandem with US stocks due to growing geopolitical risks while gold saw a brief rally earlier today. 

Due to the severe altcoin rout, Bitcoin's dominance has managed to spike to nearly 56%, which is the peak of the current market cycle. 

The halving impact 

The most crypto crash comes just days before the upcoming halving event, which is expected to take place on Apr. 21. 

As reported by U.Today, multiple experts, including Bitmex co-founder Arthur Hayes, are convinced that the cryptocurrency is going to experience a price decline around the much-hyped event. 

Yet, Zeberg remains optimistic due to the bull flag formation that can be observed on Bitcoin's four-hour chart.