Bitcoin briefly dips under $60K amid reports of worsening Middle East crisis

On Friday, the cost of Bitcoin (BTC) dipped under its significant $60,000 threshold once more. This decline occurred in a short span of two hours and amounted to a 5.44% decrease, fueled by intensifying geopolitical conflicts in the Middle East.

On the 19th of April, Bitcoin’s value momentarily dropped to $59,698 before bouncing back up to $61,352. This price decrease is significant because according to data from CoinGlass, around $243 million worth of long positions would be liquidated if the price reached $59,000.

In the past 4 hours, approximately $34.03 million worth of Bitcoin long positions have been closed based on available data.

Amid reports of explosions at Isfahan airport in central Iran, as stated in an ABC News article on April 19th.

Bitcoin briefly dips under $60K amid reports of worsening Middle East crisis

On April 13, Bitcoin’s price went through comparable turbulence, dipping 8.4% following Iran’s assault on Israel.

During that moment, the stock market value of over $130 million was eliminated in a matter of minutes once the attack news was announced.

People holding Bitcoin could prepare for potential price fluctuations as the Bitcoin halving event, which reduces miner rewards by half approximately every four years, is scheduled for April 20th.

The Crypto Fear & Greed Index, which measures the emotions driving cryptocurrency market sentiment, has dropped by 13 points compared to last week’s reading of 79, indicating a decrease in greed and potentially fear among investors.

Bitcoin briefly dips under $60K amid reports of worsening Middle East crisis

Over the last week, Bitcoin‘s value hovered above the $60,000 threshold but experienced a dip, dipping as low as 7.5% or $59,648 during that time, according to CryptoMoon Markets Pro data. In other words, the price of Bitcoin was consistently above $60,000 for seven days straight, but it took a brief tumble from its opening price of $63,814 on April 17th and reached a low of $59,648.

The open interest for Bitcoin, which represents the total number of outstanding derivative contracts, has decreased by around 17.6%, amounting to roughly $28.06 billion over the past week.

At the same time, Ether (ETH), the second largest cryptocurrency by market value, saw a significant drop. It fell around 5% below the important price point of $3,000, reaching a low of $2,876, before rebounding to test its support level.

The overall crypto market cap is $2.26 trillion, down 0.53% over the past 24 hours.

Read More

2024-04-19 10:32