Bitcoin’s value dipped below $60K just ahead of the anticipated halving event last night.
There were reports of an explosion in Iran on Thursday night before the halving event that happens every four years, leading once more to a decrease in the value of Bitcoin.
The price of the most popular cryptocurrency did not appear to be great before the forthcoming halving of Bitcoin. For the first time on Thursday, it fell below $60,000 since late February, reaching a low of $59,573 on Coinbase.
This currency has now dropped to 14% every week following a recent trend of losses. It has now dropped to 18% from its all-time high of $73,737 that it reached over a month ago.
The price of Bitcoin has increased to $60,945 after a sudden decline that has dropped from $63,000 to under $60,000 in less than two hours, while it has only decreased by a little over 1% for the past day.
Increased geopolitical conflict was the reason behind the decline in that token on Thursday. The news reports showed that explosions had occurred close to an Iranian military site, and a U.S. official told CNN that Israel had targeted Iran.
Although the information is still limited, there has been conflict since Iran attacked Israel last Saturday with drones and missiles, and as a result, the prices of cryptocurrencies dropped over the weekend.
Other well-known cryptocurrencies like Ethereum and Solana have faced a decline over the last few hours but are starting to rise again.
The expectation for Bitcoin halving on Friday may lessen if prices keep falling and half of the BTC payment for miners is halved at this quadrennial event. It is usually associated with a potential increase in the price of this crypto due to a decrease in supply.
