Approximately 48 hours before Bitcoin halving, the average price of Bitcoin across the most important exchanges dropped from apron. $9,480 to $8,330, a loss of 12.2%, and almost 20%, below $8000 on some exchanges.
As of writing this post, the price of Bitcoin corrected a bit and currently trading around $8800, which is a 8% drop over the past 24 hours. The volatility had also affected the altcoins, for example Ethereum saw a similar 10% drop, dipping below $200 to a current price of $191. The total market cap shrunk to $235 billion over the past few hours.
Massive volatility ahead of halving
Ahead of the Bitcoin halving set to occur on May 12, trading activity on all major cryptocurrency platforms surged significantly. For example, after the 2016 halving, the Bitcoin price dropped by more than 30%.