Title: Bitcoin Plunges to Nearly $60,000 as Halving Approaches, Crypto Market Suffers Across the Board

In a continuation of the ongoing Bitcoin bloodbath, the price of the world's leading cryptocurrency has dropped below $61,000 per coin, falling nearly to $60,000 just ahead of its highly anticipated halving event. Bitcoin is currently trading at $60,266, marking a decrease of nearly 3% over the past 24 hours, and experiencing an overall decline of 12% in the last seven days, according to data from CoinGecko.

This notable drop comes only weeks after Bitcoin reached a new all-time high of almost $74,000 in March, with its current value now standing 17% below that peak. The cryptocurrency community is eagerly awaiting the halving event, which will bring a significant change to Bitcoin's code by slashing miner rewards by half. Some Bitcoin supporters consider this a bullish feature as it will reduce the number of coins entering the market.

However, it is not just the impending halving that is causing heightened volatility in the Bitcoin market. Investors have been withdrawing from popular Bitcoin exchange-traded funds (ETFs), resulting in increased sell-offs. Additionally, Federal Reserve Chair Jerome Powell's remarks about needing to witness more progress on the inflation front before considering rate cuts have also affected Bitcoin's performance.

The selling pressure intensified last Friday when over $200 million in short positions were liquidated, leading to a further sell-off on Saturday after an unprecedented attack by Iran on Israel. This event triggered additional liquidations, causing Bitcoin's price to suffer even more.

The impact of Bitcoin's decline is not isolated, as the rest of the cryptocurrency market is experiencing similar losses. Every top 20 coin and token, except for Toncoin, has seen decreases both in the past 24 hours and over the past week. Toncoin, on the other hand, has witnessed a 2% rise in the last day.

It remains to be seen how Bitcoin's price will respond to the upcoming halving event and whether the market can recover from the recent sell-offs. Crypto investors are urged to stay informed and updated on the latest developments in the industry.

Please note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Stay informed about crypto news and receive daily updates by subscribing to our newsletter.