Bitcoin price tanks to $62K ascribed to geopolitical tension a week to BTC halving

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

■  Bitcoin price dipped to $62,000 range on Sunday, after Saturday’s $60,660 intra-day low.

■  Geopolitical tensions between Iran and Israel pass as likely culprit for broader market dump.

■  Global cryptocurrency market capitalization has dropped by 5% amid rising uncertainty and apprehension.


Bitcoin (BTC) price is dumping, and with it, most players in the cryptocurrency market arena. It comes in the final week to the BTC halving, expected on April 20. As crypto markets bleed, capital appears to be shifting to precious metals.


Bitcoin dips amid ongoing geopolitical tensions


After the Russo-Ukrainian saga, the cryptocurrency market is experiencing the aftermath of geopolitical tensions, this time between Iran and Israel. As traders and investors watch Iran’s retaliatory attack as a major escalation and the fear of a larger war, there is growing uncertainty and apprehension in the market.


In the aftermath, Bitcoin price is pulling altcoins down with it, with the global cryptocurrency market capitalization dropping by over 5% to $2.28 trillion. Meanwhile, precious metals like gold and silver are rising.



Geopolitical tensions and conflicts can have varying effects on financial markets, including cryptocurrencies. The crypto markets are dumping because of a general atmosphere of fear and risk aversion in financial markets. This has investors seeking to liquidate their positions in cryptocurrencies to reduce risk and move towards more traditional safe-haven assets like gold and silver.


In the next few days, it would be critical to monitor:


●  Severity of the conflict


●  Global response


●  Market sentiment, and


●  Investor behavior


Conversely, geopolitical uncertainty or conflict could also bode well for alternative assets like Bitcoin, driving adoption like it did during the early months of the Russia versus Ukraine debacle.


Investors could turn to alternative assets like Bitcoin as a safe haven to protect their wealth from traditional market volatility. This could potentially drive up the demand for Bitcoin and other cryptocurrencies, leading to an increase in their value.


At the time of writing, Bitcoin price is trading for $63,266, as the bulls defend against further downside. However, the market is flashing red as global market capitalization nosedives.

BTC/USDT 1-day chart, Crypto total market cap

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

Do you find this article useful?
Related Articles
placeholder
Could Bitcoin Soar To $100,000 With Trump Back In The White House?Anticipation is at a high degree as the 2024 Bitcoin Conference draws near, driven not just by technical developments but also by the surprising backing of an influential person: Donald Trump.
Author  NewsBTC
Yesterday 01: 21
Anticipation is at a high degree as the 2024 Bitcoin Conference draws near, driven not just by technical developments but also by the surprising backing of an influential person: Donald Trump.
placeholder
Ethereum Whales Rapidly Accumulate ETH Amid Price DeclineEthereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap.
Author  NewsBTC
Yesterday 01: 17
Ethereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap.
placeholder
Bitcoin Slowing Down Despite Whale Accumulation: Traders Monitoring This Exchange MetricBitcoin is within a bullish formation following gains from last week after spring, as seen on July 15 when prices broke above the 20-day moving average.
Author  Bitcoinist
Jul 25, Thu
Bitcoin is within a bullish formation following gains from last week after spring, as seen on July 15 when prices broke above the 20-day moving average.
placeholder
Bitcoin Enters Final Wave 5 As World Events Signal Massive SurgeBitcoin started the new week in an uptrend, signaling a return of bullish sentiment among crypto investors. This bullish sentiment has continued to propel the price forward with $70,000 remaining the
Author  NewsBTC
Jul 24, Wed
Bitcoin started the new week in an uptrend, signaling a return of bullish sentiment among crypto investors. This bullish sentiment has continued to propel the price forward with $70,000 remaining the
placeholder
Last Week’s Crypto Inflows Surge to $1.35 Billion: Which Digital Asset Led the Charge?The global crypto investment market has witnessed a significant influx of capital, with recent reports indicating a continued positive trend in inflows.
Author  NewsBTC
Jul 23, Tue
The global crypto investment market has witnessed a significant influx of capital, with recent reports indicating a continued positive trend in inflows.