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Major cryptocurrency took a hit on Tuesday evening, as Bitcoin encountered selling pressure leading as halving approaches.CryptocurrencyGains +/-Price (Recorded 12:00 a.m. EDT)Bitcoin BTC/USD -1.45%$66,053Ethereum ETH/USD -1.51%$3,318Dogecoin DOGE/USD -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.

Bitcoins 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 sufficient buying pressure from traders, it can have a negative impact on the price of Bitcoin.

Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 12:00 a.m. EDT)Ethena ENA/USD +25.86%$0.86Flare FLR/USD +10.67%$0.039Bitget Token BGB/USD +9.63%$1.18

The global cryptocurrency market cap now stands at $2.48 trillion, showing a 1.71% decrease in the past 24 hours.

Stock market declined on Tuesday. The S&P 500 dropped by 0.72% and closed at 5,205.81. Similarly, the Dow Jones Industrial Average decreased by 396.61 points, or 1%, settling at 39,170.24. The tech-heavy Nasdaq Composite declined by 0.95% and finished at 16,240.45.

Tuesdays market losses followed the release of Februarys core personal consumption expenditures price index, which showed a 2.8% annual increase, still below the Feds 2% inflation target. Additionally, the Institute for Supply Managements manufacturing gauge indicated expansion for the first time since September 2022.

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Analyst Notes:Cryptocurrency analyst Michael Van de Poppe has indicated that Bitcoin has lost a crucial area. He said, Well not see a new ATH pre-halving unless $69K breaks.

Van de Poppe expects a period of consolidation, during which altcoins will begin to show activity after this correction.When it comes to Bitcoin, he says, the area of interest lies in the range of $56-60K.

Analyst Rekt Capital suggested that the current price action is part of a pre-halving retracement. According to Rekt Capital, Bitcoin experienced a 38% and 20% dip during the halving cycles of 2016 and 2020, respectively.

Pseudonymous analyst Credible tells said on X X that Ethereum is poised to surge beyond $10,000, with a potential rally reaching as high as $20,000. His prediction is based on the anticipated gains in Bitcoin.

"I think there's a chance we can come up on a peak/blow-off top near $20,000. It's pretty simple I think BTC can realistically 2x from our last high at $69,000 which means most alts will do multiples of that. For ETH, a 3-4x of prior all-time high puts us at $15,000-$20,000."

Ali Martinez mentioned the strong support of the 200 EMA on the Bitcoin four-hour chart. This support has been crucial since early February, preventing BTC from further declines.

"For this reason, Im paying close attention to this level because if it holds, it guarantees a rebound, but if it breaks as it did in mid-January, it could lead to more losses for $BTC."

Photo by SvetlanaParnikova on Shutterstock

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2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

A helicopter carrying Hindu pilgrims has crashed in India, killing seven people on board.

The accident happened within minutes of the helicopter taking off, officials said, on what should have been a 10-minute flight.

The helicopter was flying to Guptkashi, a prominent Hindu pilgrimage site in the Himalayas, from Kedarnath temple town in the northern Indian state of Uttarakhand.

It comes three days after an Air India flight crashed less than a minute after taking off from Ahmedabad airport in northwestern India, killing at least 270 people.

The helicopter, which was operated by private helicopter service Aryan Aviation, went down in a forested area several miles from the Kedarnath pilgrimage route at around 5.30am local time.

Officials said the crash was believed to have been caused by poor weather conditions.

Authorities say they have launched a search and rescue operation and are expected to review operational protocols for flights in the region.

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The dead include the pilot and pilgrims from the neighbouring state of Uttar Pradesh and western states of Maharashtra and Gujarat, according to officials. The bodies were badly burned in a fire that followed the crash, they said.

Smoke and debris at the crash site. Pic: Reuters
Image:
Smoke and debris at the site. Pic: Reuters

Tens of thousands of pilgrims visit Kedarnath, which is home to one of the four most sacred Hindu temple shrines, each summer. Many use helicopter services due to the difficult mountainous terrain.

Helicopter mishaps are not uncommon in the region, where sudden weather changes and high-altitude flying conditions can pose risks.

Earlier this month, a helicopter operating in the Kedarnath Valley made an emergency landing shortly after taking off on a highway due to a technical fault. The pilot was injured but all five passengers on board were unharmed.

In May, a helicopter crashed in Uttarkashi district, killing six people, including the pilot. One person survived.

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Politics

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

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Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings.

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Sports

Ohtani blasts two HRs to halt 10-game drought

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Ohtani blasts two HRs to halt 10-game drought

LOS ANGELES — Shohei Ohtani hit two homers in an 11-5 win over the San Francisco Giants on Saturday night, emphatically ending the three-time MVP’s longest homer drought since joining the Los Angeles Dodgers.

Ohtani led off the bottom of the first with his 24th homer, hammering Landen Roupp‘s fourth pitch 419 feet deep into the right-field bleachers with an exit velocity of 110.3 mph.

The slugger had been in a 10-game homer drought since June 2, going 10-for-40 in that stretch with no RBIs, although he still had an eight-game hitting streak during his power outage.

Ohtani led off the sixth with his 25th homer, sending Tristan Beck‘s breaking ball outside the strike zone into the bleachers in right. He also moved one homer behind the Yankees’ Aaron Judge and Seattle’s Cal Raleigh for the overall major league lead.

Dodgers fans brought him home with a standing ovation as Ohtani produced his third multihomer game of the season and the 22nd of his career.

Ohtani reached base four times and scored three runs in his first four at-bats, drawing two walks to go with his two homers.

Ohtani hadn’t played in 10 straight games without hitting a homer since 2023 in the final 10 games of his six-year tenure with the Los Angeles Angels.

Ohtani had slowed down a bit over the past two weeks after he was named the NL Player of the Month for May with a formidable performance, racking up 15 homers and 28 RBIs.

The Associated Press contributed to this report.

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