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04/14/2024

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Bitcoin Falls 8% to $63000 Amid Israel-Iran Crisis

Bitcoin has experienced a significant decline, dropping by 16.2% or $10,000 from its yearly high of $73,794 on March 14th. Just last month, on March 13th, Bitcoin reached $73,000, making it the eighth largest asset globally by market capitalization. Currently, it is trading around $63,000.

Bitcoin Falls 8% to $63000 Amid Israel-Iran Crisis

Bitcoin Slides Amidst Iran-Israel Tensions

Bitcoin saw a significant decline, dropping by 7.9% to $61,842 at 21:00 GMT on April 13th, following news of Iran’s retaliatory drone strikes on Israel, as reported by Reuters.

The world’s largest cryptocurrency by market capitalization lost $5,308 from its previous close the evening before. However, it managed to recover some losses by the morning of April 14th, settling in the $63,000 range, according to data from CoinDesk.

Notably, Bitcoin is down 16.2% or $10,000 from its yearly high of $73,794 recorded on March 14th. This decline was largely attributed to the demand for United States bitcoin exchange-traded funds (ETFs).

Cryptocurrency Market Experiences Decline

Ethereum Leads the Downturn: On April 13th, the second-largest cryptocurrency by market capitalization, Ether, dropped by 9.18% to $2,930. This decline resulted in the coin, which is associated with the Ethereum blockchain network, losing $296.1 from its previous close. Additionally, other major cryptocurrencies such as Dogecoin and Solana also witnessed decreases in their prices.

Broad Decline Across Cryptocurrencies: The CoinDesk 20 Index, which tracks the performance of the top 20 cryptocurrencies, slipped by 10%. Notably, Cardano’s ADA, Avalanche’s AVAX, Bitcoin Cash, Filecoin, and Aptos all experienced significant declines ranging between 15-20%, according to CoinDesk data.

Cryptocurrency Market Reacts to Geopolitical Tensions

The decline in cryptocurrency prices reflects a trend of risk aversion amidst a heightening geopolitical crisis in the Middle East, according to a Bloomberg report. Digital asset trading remains active during the weekend, with potential shifts expected before April 15 (Monday) when the stock market reopens.

Zaheer Ebtikar, founder of crypto fund Split Capital, stated that the crypto sell-off would likely persist “contingent on further escalation.” He noted that investors would wait to gauge market reactions before making significant moves. Ebtikar highlighted that leverage has become overwhelmed in recent days, contributing to significant price declines in digital assets.

Data from Coinglass revealed that approximately $1.5 billion of bullish crypto wagers via derivatives were liquidated on April 12 and 13. This marks one of the largest two-day liquidation events in at least six months, as per the Bloomberg report.

In response to the uncertainty, traders sought safe investments, leading to significant increases in Treasury bonds and the US Dollar Index. Key US stock market indicators, such as the S&P500 and Nasdaq 100, experienced declines of 1.7 percent just before the end of the trading session.

Gold, commonly viewed as a safe haven during times of uncertainty, reached a new record high, surpassing $2,400, before retracting some gains. Additionally, oil prices rose by 1 percent amid the geopolitical tensions.

Amidst the turmoil, investors in the cryptocurrency market are eagerly anticipating the upcoming Bitcoin halving, expected around April 20. This event will reduce the rate at which new bitcoins are produced. Historically, such halving events have led to increased prices for Bitcoin. However, doubts are emerging about whether this pattern will repeat, especially given Bitcoin’s recent peak in value.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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