Bitcoin Plummets 8% in the Face of High Volatility and Geopolitical Concerns as Crypto Markets Experience Turbulence: A Summary of This Week’s Events

It has been an eventful week in the world of Bitcoin. The price of Bitcoin dropped by approximately 8% over the past seven days, leading to a decline in the total cryptocurrency market. This decline coincides with escalating geopolitical tensions between Iran and Israel. Let’s take a closer look.

Currently, Bitcoin is trading around $65K, marking an 8.3% decrease compared to the previous week. However, this percentage doesn’t entirely capture the significant volatility that Bitcoin experienced during this time.

At the beginning of the week, Bitcoin was trading at around $70K, but it faced pressure from bears, causing its price to drop to $66K over the weekend and further down to below $62K on Sunday evening. Despite this, the price rose back to $66K the next day, fueled by substantial volatility.

Midweek saw another bearish attack on Bitcoin, pushing its price towards $60K before another recovery. Recent reports of an explosion in Iran added to market volatility, causing Bitcoin to briefly fall below $60K. However, following statements from Iranian officials indicating no retaliation, the market stabilized, and Bitcoin is now trading around $65K.

Much of this volatility can be attributed to the tension between Israel and Iran, with concerns about a broader geopolitical conflict looming.

Currently, the total cryptocurrency market capitalization stands at $2.46 trillion.

Screenshot 2024-04-19 at 16.16.20
Source: Quantify Crypto

As shown in the heatmap above, the market is predominantly in the red zone, with most altcoins experiencing substantial losses.

The Bitcoin halving event is expected to occur in the next few hours. Historically, this event has been bullish, and it will be interesting to see if it sparks the anticipated bull market.

One thing is certain – the coming weeks are poised to be intriguing in the crypto industry!

Market Data

Market Cap: $2.46T | 24H Vol: $134B | BTC Dominance: 51.8%

BTC: $64,751 (-8.3%) | ETH: $3,087 (-12.3%) | BNB: $558 (-9.9%)


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Cryptocurrency charts by TradingView.