- Bitcoin’s price dips below $60,000 before rebounding over the threshold.
- Bitcoin’s market cap stands at $1.23 trillion, despite a weekly decline.
- Middle East tensions drive investors towards traditional assets, impacting crypto sentiment.
Bitcoin
Over the last 24 hours, Bitcoin’s value dipped to a low of $59,700 before purchasers capitalized on the dip, elevating the cryptocurrency’s value back over the $60,000 threshold. Current figures from CoinMarketCap indicate that Bitcoin’s price is at $62,000 as of 12:30 a.m. ET on Friday. It’s noteworthy that Bitcoin has seen an 11.60% decline over the preceding week.
Bitcoin’s trading volume has seen a 2.34% increase in the last day, and the market cap of this dominant cryptocurrency is at $1.23 trillion. The present value is a 15.66% decrease from Bitcoin’s peak in March, which was $73,750.
Bloomberg has reported that speculative accounts of blasts in Iran, Iraq, and Syria have prompted investors to shift their capital towards more traditional holdings such as bonds, gold, and the US dollar, moving away from unpredictable investments like equities and digital currencies.
The escalating conflicts in the Middle East appear to be casting a shadow over the eagerly awaited Bitcoin halving event, which will occur on Friday. This event is expected to diminish the availability of Bitcoin and introduce significant changes, both directly and indirectly.
Stefan von Haenisch, the head of trading at OSL SG Pte., suggests that the violence between Israel and Iran could instigate a “general risk-off sentiment across crypto.”
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
