In the current market scenario, the value of Bitcoin has dipped below the $61,000 mark, edging closer to $60,000 amidst a turbulent period leading up to the impending halving event.

At present, Bitcoin is trading at $60,266, marking a significant decrease of almost 3% within the last 24 hours. This downward trend extends over the past week, with Bitcoin witnessing a notable decline of 12% in its value.

The cryptocurrency landscape is witnessing a notable shift as Bitcoin's price now stands 17% lower than its recent peak of nearly $74,000 attained in March.

The forthcoming halving event, a pivotal milestone in Bitcoin's protocol, is set to halve miner rewards, consequently reducing the influx of new coins into the market—a development viewed optimistically by some proponents of Bitcoin.

The anticipation surrounding the halving is contributing to heightened volatility in the market, amplifying the effects of other significant factors at play.

Amidst the ongoing market tumult, investors are liquidating holdings in popular Bitcoin exchange-traded funds (ETFs). Additionally, remarks by Federal Reserve Chair Jerome Powell, emphasizing the necessity for further progress in addressing inflation before considering rate adjustments, have further impacted market sentiment.

The recent wave of selling intensified following the liquidation of over $200 million in short positions last Friday. The situation worsened over the weekend, exacerbated by geopolitical tensions stemming from an unprecedented attack on Israel by Iran. These events triggered a surge in liquidations, exerting additional downward pressure on Bitcoin's price.

The broader cryptocurrency market is also experiencing a downturn, with all top 20 coins and tokens registering losses over both the past 24 hours and the week. Amidst this downturn, Toncoin stands as a solitary exception, witnessing a modest 2% increase in value over the past day.