Israel-Iran conflict causes a brief decline in the price of bitcoin below $60,000


The price of Bitcoin momentarily fell below $60,000 due to Israel’s missile assault on Iran.

After hearing that Israel had conducted missile attacks against Iran in revenge, Bitcoin’s (BTC) value briefly dropped below $60,000 on Friday morning, Asia market time. A senior US official confirmed the attacks, according to ABC News.

There was a little tremors in the cryptocurrency market due to the most recent escalation in the Israel-Iran conflict.

Last Saturday, Iran claimed to have launched more than 300 missiles and drones at targets in Israel, prompting Israel to respond with missile strikes of its own. Israel and its allies, notably the US, were able to intercept all but a small number of missiles, according to Israeli authorities.

The value of Bitcoin (BTC) briefly dropped to near $60,000 due to recent events in the Israel-Iran crisis. On the other hand, Bitcoin’s value has recovered and is now around $62,500.

The value of Ethereum (ETH), the second biggest cryptocurrency behind Bitcoin, briefly dropped below $2,876. However, Ethereum (ETH) has also recovered and is now selling for $3,000, much like Bitcoin.

Coinglass data also shows that long holdings have contributed significantly to the relatively little sum of $49.35 million in crypto liquidation over the previous hour. Nevertheless, about $250 million has been sold off in the last day.

Also, these things are happening at a notable time, just before Bitcoin’s halving. There are approximately 129 blocks left until the halving event, with the current block height being 839,871 according to NiceHash statistics. Experts continue to be optimistic about Bitcoin’s long-term price direction, especially after the halving, despite the transitory market volatility.

Glassnode and Coinbase Institutional recently published research that sheds light on one of the primary causes.

Bitcoin ETFs consume a significant amount of Bitcoin, making daily miner Bitcoin issuance competitive. Because of these considerations, they concluded that exchange-traded funds (ETFs) are significant market participants whose actions may obscure the halving’s past effects.

Keep in mind that Bitcoin’s price stability and market sentiment may be greatly affected by the inflows and outflows of ETFs.

Separately, experts at Deutsche Bank also expect Bitcoin values to remain high for the foreseeable future. They say that “the likely authorization of spot Ethereum ETFs, anticipation of central bank rate decreases, and regulatory developments” are to blame.

Also Read: Binance to Return to India and Face a $2 Million Penalty

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