The market was in the red when Bitcoin price fell below 60K on April 19, 2024. The reason is because there are continuous reports of escalating political tensions in the Middle East.
The market is on fire as BTC plummets
The price of Bitcoin (BTC), Ethereum and other major cryptocurrencies dropped sharply in the past hour or so after news of an Israeli missile attack on a location in Iran. Accordingly, the market is predicting a larger global conflict as there are new reports of explosions in Iraq and Syria.
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
Bitcoin, the world's largest cryptocurrency, dropped 5.44% in just two hours due to escalating geopolitical tensions in the Middle East, falling below $60K. With this morning's dump, BTC has set its lowest Dip since falling to 59,005 USD at the beginning of the month. Meanwhile, Ethereum lost 3.6% and fell below $3,000.
Most other cryptocurrency Token also lost value according to the general market situation. However, the green color is returning as BTC has now increased in price again and is trading at more than 62K USD and ETH has returned to 3K USD.
Late last week, cryptocurrency markets experienced a sharp drop along with other risk markets after Israel claimed Iran launched “dozens” of drones against the country. Bitcoin price is down about 8%, while Ethereum is down about 9%. US stocks also fell later Monday on concerns about an escalation in the conflict between Israel and Iran.
In addition to escalating political tensions in the Middle East, the market is also affected by a number of other factors leading to a sharp decline in prices recently, especially before the upcoming halving event. One of the important reasons is the decline in Capital flows into Bitcoin Spot ETFs.
According to data from the Farside Investors summary site, the trading session on April 18 (US time) saw a negative net cash outflow of 4.3 million USD. Notably, Grayscale's GBTC fund, one of the largest Bitcoin Spot ETFs, recorded an outflow of up to negative 90 million USD.
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