Bittime - The value of Bitcoin ($BTC) has experienced a significant decline since March 2023 following Iran's air attacks on Israel.
This leading digital asset fell to as low as $62,000 at the weekend, but has now returned to around $65,000.
Stock Market Freefalls Ahead of Potential Israeli Attack: Crypto Traders Be First to React
The prices of Bitcoin and other crypto assets experienced a significant slump last week, signaling a moment of major risk aversion.
The situation was exacerbated by massive liquidations in crypto positions, especially towards the weekend.
According to the Coinglass report, there was significant liquidation of crypto positions. These liquidations reached a value of $1.5 billion, with a primary focus on bullish (optimistic) bets on crypto.
This drop marks a correction from Bitcoin's record high of $73,798 reached in mid-March.
Check Today's Crypto Market
Crypto Market Falls During Iran & Israel Conflict, Bitcoin ($BTC) Even Profitable?
From a historical perspective, the Iran & Israel conflict and tensions have had a relatively positive impact on Bitcoin, even if not as bad as what happened to the stock market.
Quoted from Blockhead, global stock markets are starting to be in the red zone, with Asian stock indexes declining to their lowest level in six weeks following Iran's attack on Israel and anticipation of possible retaliation.
According to experience, since the Hamas attack on Israel on October 7 2023, the price of Bitcoin has continued to increase.
How to Buy Crypto
The Impact of Spot Bitcoin ETFs
In January, the launch of a spot Bitcoin Exchange Traded Fund (ETF) in the United States triggered an extraordinary surge in Bitcoin demand, reaching unprecedented highs.
This phenomenon attracted even greater public attention than the ongoing Israel-Hamas conflict at that time.
Ahead of the Bitcoin Halving
Ahead of the Bitcoin halving which is predicted to occur around April 20, crypto investors are welcoming it enthusiastically.
The reason is, this event will cut the new supply of Bitcoin in half. However, amidst the recent surge in Bitcoin prices, doubts have arisen regarding the impact of halvings on prices like in the past.
Gold Becomes a Tough Challenge for Digital Assets, Including Bitcoin
The dominance of gold as a safe haven asset has been seen again in the last few weeks. This poses a major challenge for Bitcoin and other digital assets, with gold attracting the interest of investors looking for a safe haven.
Also read: Entering the Crypto Era that Sells Narratives of World War 3 (WW3)
Gold Bullish Trend
Gold has indeed been in a bullish trend, reaching a new record high of $2,431.29. However, confidence in this commodity has increased with news of Iranian airstrikes and uncertainty regarding Israel's response.
Check Crypto Prices Today:
$BTC Pulls Data Against Gold Interest
This increased interest in gold limits Bitcoin's appeal as a safe haven asset. Investors tend to choose gold because of its long history as a store of value and its stability amidst economic turmoil.
Current Gold Prices
The price of gold increased by 0.4% to reach US$2,354.62 per ounce. This increase continued the positive trend from the previous week, where gold rose 0.6%. The increase in gold prices was triggered by increasing geopolitical tensions in the Middle East.
Bitcoin, previously known as digital gold, has been marketed as a hedge asset against inflation and market volatility.
However, in facing global issues, Bitcoin has proven to have lower resilience than gold.
BTC/IDR Price Today
On April 16 2024, the price of Bitcoin BTC/IDR was at IDR 1,024,089,759 per coin, decreasing 4.63% in 24 hours.
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
These 3 Meme Tokens are Trending on the Avalanche Network, Let's Find Out Who Knows Moonbag!
Rebel Satoshi's RECQ Pre-Sale & Analysis: Solana and Ethereum Trends
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.