Bitcoin Price Crash To $66k: Right Time To Buy The Dip?

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After struggling to rally beyond $71,272 in the past few weeks, Bitcoin’s (BTC) price has led the altcoin industry in significant bleeding. According to the latest market data, the cryptocurrency market cap declined by over $200 billion in the past 24 hours to about $2.65 trillion. 

As a result, more than $400 million, with the majority invoking long traders, was liquidated from the crypto market in the past 24 hours. The sudden crypto selloff comes after $15 billion worth of Bitcoin and Ethereum options expired at the tail end of March. 

The preparation for the upcoming Bitcoin halving has seen increased adoption of the stablecoins by whale traders. According to an on-chain data analysis by Santiment, wallets holding at least $5 million in crypto assets have accumulated about 5.09 percent of the top stablecoin supply. As a result, the crypto whales have significantly increased their buying power amid the upcoming halving.