Bitcoin experiences a drop below $64,000 in the midst of a cryptocurrency downturn

Thursday morning witnessed a decline in Bitcoin’s price, plunging below $64,000. The market showed a significant overnight slump, causing over $209 million in bullish cryptocurrency positions to be wiped out.
Coingecko data reveals that Bitcoin is currently being traded at $63,700, marking a 4% decrease in value within a single day.

Bitcoin was not the only cryptocurrency affected by the slump; the broader crypto market also experienced a downturn. The collective market capitalization of all cryptocurrencies dropped by 4.7% overnight.
Similarly, Ethereum, the second-largest cryptocurrency by market capitalization, saw a decline similar to Bitcoin, dropping by 5.3% in the last 24 hours, with its price hovering around $3,090.

Among the top 10 cryptocurrencies, Toncoin (TON) faced the most significant decrease, plummeting by 10.1% in the last 24 hours to trade at $5.21. The market downturn led to the liquidation of over $209 million worth of crypto-long positions, as per CoinGlass data. Moreover, around 52 million in Bitcoin Long Positions were also liquidated.
The current decline coincided with the drying up of inflows into Blackrock’s spot bitcoin ETF, marking the end of a 71-day streak of consistent inflows. This event positioned it amongst the top ten for the longest ETF daily inflow streaks since 2004.
According to CoinGlass data, Bitcoin spot ETF outflows reached $120.6 million after three consecutive days of inflows.
Recently, Hong Kong spot Bitcoin and Ethereum ETFs received official approval, with a trading date scheduled for April 30. Experts speculate that opening exchange-traded funds to investors in mainland China could potentially bring in as much as $25 billion into the crypto market.
The highly anticipated Bitcoin Halving event took place over the weekend, historically having a bullish long-term impact but often accompanied by short-term losses.

Following Bitcoin’s peak at $65,230 on the halving day, the leading cryptocurrency experienced a 2% drop as it dipped below $64,000.