Bitcoin price has dropped to $60,100 as tensions in the Middle East between Israel and Iran continue to escalate.
Movements of top cryptocurrencies at 08:00 AM on October 2, 2024. Photo: Coin360
Late at night on October 1 and early morning on October 2, 2024 (Vietnam time), Iran launched more than 200 missiles into Israeli territory, marking a new escalation in tensions between the two countries.
This is XEM Iran's official retaliation after Israel's recent military campaigns in Lebanon to hunt down and destroy senior leaders of the Islamic organizations Hamas and Hezbollah.
The situation shows no signs of cooling down as an Israeli military spokesman said he is assessing the situation and preparing a response plan. Meanwhile, Jordan has allowed the US military to shoot down Iranian missiles flying over its airspace, threatening to further escalate tensions between the two sides.
On the evening of October 1, many major US news agencies cited sources from the Pentagon, warning that Iran could attack Israel in the coming hours. The information quickly spread throughout financial markets, causing stock prices to fall, while gold and oil prices rose.
Happy Q4. pic.twitter.com/VnL2FjCR9i
— Brew Markets (@brewmarkets) October 1, 2024
The crypto market was not spared either. After closing the September 2024 candle with a gain of nearly 7.3%, BTC fell from $65,800 to $63,300 on the morning of October 1 when warnings emerged that Iran was preparing to retaliate that evening, and then continued to plummet to $60,164 in the early morning of October 2.
1h chart of BTC/ USDT pair on Binance exchange at 08:05 AM on 10/02/2024
At the time of writing, the world's largest cryptocurrency is still trading around $61,000.
Other top altcoins also recorded a decrease of 7 to 14% compared to 24 hours ago.
Price movements of top altcoins at 08:05 AM on October 2, 2024. Source: CryptoBubbles
The total amount of liquidated Derivative orders in the past 12 hours reached nearly $490 million, with Longing accounting for nearly 90%.
Liquidation data on the crypto Derivative market, CoinGlass screenshot at 08:05 AM on 02/10/2024
In the past, the cryptocurrency market has also reacted negatively to global geopolitical tensions many times, such as Iran's attack on Israel in April this year and Israel's response a few days later, the Russia-Ukraine conflict in February 2022 or Iran's retaliation against the US in January 2020.
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