Bitcoin before halving: What’s happening in the cryptocurrency market?

Bitcoin Activity: Current State of the Cryptocurrency Market

The price of Bitcoin (BTC) is always a hot topic in the world of cryptocurrencies. In early April, it reached an impressive level of 71,000 USD, but currently it is hovering around 70,500 USD. What else is happening in the cryptocurrency market?

Bitcoin Halving on the Horizon

Bitcoin Halving is an event eagerly awaited by all investors. Currently, it is 2818 blocks away, and according to the NiceHash counter, it is expected to occur on April 21, 2024. The price of Bitcoin often reacts to halving through significant price movements in the cryptocurrency market.

Opinion of the WazirX Founder

Nischal Shetty, the founder of the cryptocurrency exchange WazirX, has noticed the increased popularity of the Bitcoin halving topic. This suggests a growing acceptance of this asset class among investors. However, it is worth noting that despite the rise in the price of Bitcoin, the Fear and Greed Index indicates „Extreme Greed” among investors, which may be due to anticipated supply changes post-halving.

Situation in the Cryptocurrency Market

The total market capitalization of cryptocurrencies has increased by 2.1% in the last 24 hours, reaching an impressive amount of 2.827 trillion USD. This reflects the overall confidence in the market, but one should bear in mind the volatility, as evidenced by over 108 million USD in liquidations in the last 24 hours.

Impact of Macroeconomic Aspects

Investors are closely watching upcoming macroeconomic data, such as employment statistics, which may influence the financial market. Statements from the Federal Reserve Chairman, Jerome Powell, suggest that the US economy may avoid a recession, which could further impact the current optimistic situation in the cryptocurrency market.

Source: BeInCrypto