A significant correction is currently underway in the cryptocurrency market, surprising many investors just before the eagerly awaited halving event. Bitcoin, the world's largest cryptocurrency, plummeted to a low of $65,086 on the Bitstamp exchange earlier today, but has since rebounded slightly and is now trading above $67,000.

Ethereum, the second largest cryptocurrency, has fared even worse, with a decline of over 10% in the past 24 hours. This crypto crash has resulted in the liquidation of approximately $735 million worth of cryptocurrency, with long positions accounting for the vast majority of this loss at $668 billion, according to CoinGlass.

The decline in cryptocurrencies has coincided with a drop in US stocks due to increasing geopolitical risks, while gold experienced a brief rally earlier today. As a result, Bitcoin's dominance has surged to nearly 56%, which is the highest point of the current market cycle.

Despite the current market conditions, macroeconomist and trader Henrik Zeberg remains optimistic about Bitcoin's future, believing that it is positioned for "more upside." However, multiple experts, including Bitmex co-founder Arthur Hayes, anticipate a price decline around the halving event, which is set to occur on Apr. 21.