Middle East Tensions and Halving Event Impact Bitcoin, Pushing Value Below $60,000
Summary:
Bitcoin's value dipped below the critical $60,000 mark amid escalating Middle East tensions. A drop to $59,000 could result in the liquidation of about $243 million in long positions. Increased geopolitical conflicts and upcoming halving event are leading to heightened market volatility. The Crypto Fear and Greed Index has also plummeted. Despite hovering mostly above $60,000 over the past week, Bitcoin experienced a significant dip recently, with Open Interest also seeing a slump.
The value of Bitcoin, the popular cryptocurrency, once again dipped below its significant support threshold of $60,000, experiencing a 5.44% drop within a span of two hours, triggered by heightened geopolitical strife in the Middle East. April 19 saw a fleeting plummet in Bitcoin's value to $59,698, which swiftly rebounded to $61,352. It's important to monitor this dip closely as a further decrease to $59,000 may trigger the liquidation of roughly $243 million in long positions, based on data from CoinGlass. This decline in Bitcoin's value coincides with the news of reported blasts at an airport in Isfahan, Iran, according to local Iranian media. On April 13, a similar price volatility was observed when Bitcoin's value plunged 8.4% right after Iran initiated an attack on Israel, exacerbating the ongoing geopolitical tension in the Middle East. This abrupt drop wiped out over $130 million in market capitalization minutes after the news of the assault broke. Bitcoin's half-life event, due on April 20, that halves the rewards for miners every four years, also has Bitcoin owners on pins and needles for an upcoming spike in instability. The Crypto Fear and Greed Index, a pivotal tracker of temperament in the crypto market, has dropped by 13 points since last week's greed index score of 79. Bitcoin's price has been mostly strung above the $60,000 line for the past week, but it briefly dropped from a startup of $63,814 on April 17, sinking by around 7.5% to an intra-day low of $59,648, based on statistics from Cointelegraph Markets Pro. Similarly, the Open Interest (OI) in Bitcoin has also seen a slump over the past week, diving approximately 17.6% to $28.06 billion. More information will be available as this story continues to unfold.
Published At
4/19/2024 6:07:59 AM
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