The price of Bitcoin dropped below $60,000, recording a low of around $59,600 on the Binance exchange. This decline happened due to the missile attack conducted by Israel against Iran on Friday. Based on the information from top US officials, ABC was the first to reveal this news.
Israel launched missile strikes back at Iran after it attacked last Saturday with around 300 drones and missiles. According to Israeli military officials, Israel and its allies, including the US, intercepted almost all of Iran’s missiles. These circumstances led to a decrease in the price of this digital currency.
In response to the most recent news, the market moved fast enough, bringing the price of Bitcoin below the $60,000 threshold. According to CoinGecko data, this token retraced a little above $61,500 following this abrupt decline, although it held lower in the last 24 hours.
Ethereum, which is trading close to $3,000, has dropped 2% in the last day, following the collapse in altcoins. Other important cryptocurrencies have also dropped 1-3%, reflecting a decline in the cryptocurrency market.
March Zheng, a managing partner at Bizane Capital, thinks that $55,000 will be the next crucial level for Bitcoin if the market turbulence continues.
In a Telegram message, Jun-Young Hoe, a derivatives trader at Presto, said:
“If there is a panic sell for bitcoin due to war-related news, it would still be a good buying opportunity,”
Asian stock indices also suffer significant drops; the Hong Kong Hang Seng index is down 3.55, the Nikkei 225 in Japan is down 6.5%, and the Taiwan TAIEX is experiencing a 5% decrease.
According to Bitcoin analyst Tuur Demeester, assets like gold, commodities, and this token are preferred during geopolitical instability period. Noting the ongoing crises between Iran and Israel, he stressed their qualities of being “scarce”, “liquid”, and having “low counterpart risk”, which seem to attract higher demand in such situation.
