On the morning of April 19, Bitcoin continued to plummet to around the $60,000 mark, a series of altcoins were on fire because of the latest developments in the Iran-Israel conflict.
Fluctuations of leading cryptocurrencies in the market at 11:40 AM on April 19, 2024
The cryptocurrency market once again plummeted following the decline of Bitcoin in the context of 1 day left until the halving - an event scheduled to take place at around 11:00 AM on April 20 Vietnam time.
At 7 am on April 19 Vietnam time, BTC price continued to decrease from 63,460 USD to 59,600 USD, before rebounding to 62,650 USD at the time of writing.
15m chart of BTC/ USDT pair on Binance at 11:40 AM on April 19, 2024
With this morning's dump, BTC has set its lowest Dip since falling to 59,005 USD in early March. The king coin continues to set a new Dip trend of 59,600 USD today compared to April 14 at the 60,600 and on April 18 at 59,700 USD - the time when BTC plummeted because of news of Iran attacking Israel and negative comments from the Fed Chairman on the prospect of cutting interest rates.
The latest Bitcoin price drop comes from escalating tensions in Iran-Israel. According to ABC News , on the morning of April 19, a senior US official confirmed that Israel had conducted a raid on Iran in response to Tehran's attack on its territory last weekend.
A US official confirmed to ABC News Israeli missiles have hit a site in Iran. The official could not confirm whether Syria and Iraq sites were hit as well. https://t.co/pxI70OhdqJ
— Wu Blockchain (@WuBlockchain) April 19, 2024
Amid the escalating tensions between Iran and Israel, the stock market closed and users had only one option left: the Bitcoin market, causing the price of the king coin to "suffer" due to the war.
Another reason comes from Bitcoin spot ETFs . Once the main driver of Capital flows into BTC, ETFs are now also "out of breath" seeing Capital outflows gradually decreasing right before the halving event.
According to the aggregator site Farside Investors, the trading session on April 18 (US time) saw a net cash outflow of negative 4.3 million USD. Notably, Grayscale's GBTC fund recorded an outflow of negative 90 million USD, completely overwhelming the inflow of the remaining ETFs.
Statistics of Capital flows into Bitcoin ETF funds. Source: Farside Investors (April 19, 2024)
Thus, the market has seen the fifth consecutive day of net outflows from the Bitcoin ETF. However, the outflow level has decreased significantly compared to the previous 4 days, but this trend may change once today's trading session opens and investors react to the news of Israel's retaliation against Iran.
Burned Longing orders continue to dominate the Derivative market. In the last 12 hours, 164.10 million USD was liquidated, including 71.53% of the orders placed on most coins such as BTC, ETH, ORDI, XRP, WIF, Peg,... However However, SOL is the only coin with a higher rate of Short being burned than Longing, because investors were unable to keep up with the market's fierce downward and then upward fluctuations on the morning of April 19.
Statistics on liquidation data on the cryptocurrency market in the last 12 hours, CoinGlass screenshot at 11:35 AM on April 19, 2024
Coin68 compiled
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