Major cryptocurrency took a hit on Tuesday evening, as Bitcoin encountered selling pressure leading as halving approaches.
Cryptocurrency
Gains +/-
Price (Recorded 12:00 a.m. EDT)
Bitcoin (CRYPTO: BTC)
-1.45%
$66,053
Ethereum (CRYPTO: ETH)
-1.51%
$3,318
Dogecoin (CRYPTO: DOGE)
-1.96%
$0.18
What Happened: The leading cryptocurrency dropped 5.7% to $65,742, bringing an end to the week-long consolidation between $68,000 and $72,000.
Bitcoin's upcoming halving event is expected on April 21, which will reduce the pace of BTC production by 50%.
Long liquidations, which occurred during a period of heightened volatility, particularly stood out. On April 2, long positions totaling over $115 million were liquidated within a 24-hour timeframe. Notably, Bitcoin long liquidations surged to over $21 million within just 4 hours on the same day.
When Bitcoin long positions are liquidated without...