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Over the past few weeks, the price of Bitcoin has lost its upward momentum, raising doubts about the continuation of the cryptocurrency bull cycle. The leading cryptocurrency saw a flash crash on Friday, April 12, which saw its value plummeting from above $70,000 to around $67,000.

The quantity of tokens being transferred to the burn address has significantly increased, according Shibburn data.

Almost 300,000 cryptocurrency traders faced nearly $1 billion in losses within 24 hours due to a major market crash on April 12. Unlike typical trends, altcoins surpassed Bitcoin in terms of liquidations.

Staking Ethereum is the process of using Ether that has been staked on the Ethereum network to simultaneously maintain the security of other decentralized protocols.

Head of BitGo Go Network Matt Balensweig claims that the impending Bitcoin halving will result in "real changes" to the cryptocurrency's supply and demand dynamics. Balensweig's remarks give the continuing speculation about whether or not the halving is already priced in a fresh perspective.

But the cryptocurrencies took a severe tumble, with many double-digit drops in a few of hours. However, price reductions were also seen in more established sectors, such as the US stock markets, where the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500 all dropped from over 5,210 to under 5,100 in a matter of minutes.