Ethereum

Greed

Bitcoin

Impact

April

<p>The price of Bitcoin has&nbsp;been plagued&nbsp;by volatility over the last few weeks. Recently, the&nbsp;price&nbsp;of the asset&nbsp;dropped under its critical support level of $60,000&nbsp;seeing&nbsp;a loss of about 5%. The volatile movement has been the talk of the crypto sector&nbsp;especially&nbsp;with some analysts attributing it to the escalating <a href="https://www.abc.net.au/news/2024-04-19/explosions-heard-at-airport-in-central-iran/103677406" rel="noopener noreferrer nofollow" target="_blank">tensions</a> in the Middle East.</p>
<h2 class="wp-block-heading" id="bitcoin-experiences-a-massivedrop">Bitcoin experiences a massive&nbsp;drop</h2>
<p>The price of Bitcoin briefly fell to $59,698 before seeing a slight surge that propelled it above $61,000. Accepting to analytics firm CoinGlass, long positions worth $243 million will be liquidated if the digital asset hits $59,000. In the last 30 hours, over $34 million in long positions on Bitcoin has been wiped off, per <a href="https://www.coinglass.com/currencies/BTC" rel="noopener noreferrer nofollow" target="_blank">data</a>. This recent price volatility is coming amid increasing tensions in Iran.</p>
<p>According to several sources&nbsp;in the country, explosions have&nbsp;been heard&nbsp;at the Isfahan airport in central Iran. A similar reaction was felt in the price of the digital asset when Iran launched an attack on Israel on April 13. During the attack, the&nbsp;price&nbsp;of the leading digital asset dropped by 8.4%. Following the&nbsp;news of the attack, the drop in Bitcoin’s price erased over $130 million in market cap.</p>
<h2 class="wp-block-heading" id="impact-of-geopolitical-factors-on-btc-s-price">Impact of geopolitical factors on BTC’s price</h2>
<p>Bitcoin holders have also been anticipating potential volatility as the&nbsp;Bitcoin&nbsp;halving event draws closer. The upcoming halving event is expected to cut the supply of the asset by half and&nbsp;is scheduled&nbsp;to take place on April 20. Also, the Fear and Greed index has dropped by 13 points from its previous greed index of 79.</p>
<p>Bitcoin has&nbsp;been maintaining&nbsp;its price around the $63,000 mark over the last seven days before <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">experiencing</a> a decline of 7.5% to drop from $63,814 to $59,648. Open interest (OI) in BTC has also fallen in the same period, losing 17% to&nbsp;stay at&nbsp;$28 billion. Ethereum is also not finding it easy in the crypto market. Recently, Ethereum experienced a drastic slide of about 5%, falling from its support level of $3,000. The asset briefly touched $2,876 before touching and resting at its support level.</p>

Bitcoin dips under $60,000 amid worsening Middle East crisis

Table of Contents

Cryptopolitan_News

Other articles published on Apr 20, 2024

Dogwifhat and PEPE Investors Keep Hopes of Profit Alive After Token Purchase on Rebel Satoshi Sec...

Friend Tech Killer Lens Protocol Advances With Creator Monetization

Milady Meme Coin Pumps 20% in Past Week as Hottest SOL Meme Coin Nears Exchange Listings

Halving effect on Crypto meme industry WIF, DOGE leading

The Best Cheap Cryptos to Buy in the Red Market

BEFE Coin’s Price Rally: Seizing the Opportunity for Profit

Join our free newsletter for daily crypto updates!