The cryptocurrency market was hit by a storm this weekend, reacting strongly to rising tensions between Iran and Israel. Bitcoin, the world's largest crypto asset by market cap, fell sharply to reach the level of US $ 62,773 (Rp914,000,000) on Saturday.
This is Bitcoin's lowest price this month, according to data from CoinGecko. The drastic drop was triggered by Iranian drone strikes in Israel, triggering a massive panic sell-off of digital assets.
Affected by Geopolitical Issues
This geopolitical instability resulted in the liquidation of long positions worth more than US$1.5 billion (Rp22.1 billion) on Friday and Saturday, Coinglass data showed. Such a quick market reaction to the Iranian drone strike, which was in retaliation for Israeli operations in Syria, shows how sensitive cryptocurrency investments are to global events.
Although traditional financial markets typically only react during trading hours, the 24/7 nature of cryptocurrency trading makes its impact felt over the weekend.
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Bitcoin Price Slumps
Bitcoin, which just peaked at US$73,737 (Rp1,077,000,000) in mid-March, experienced a significant plunge along with other major digital currencies, including Ether. The decline was compounded by the crypto market's high leverage, especially in derivatives betting, which resulted in one of the largest liquidation events in recent months.
Amid this turmoil, the Bitcoin halving is scheduled to take place this month. The halving is a landmark event where the production of Bitcoin has only been cut in half, theoretically leading to a price spike due to increased scarcity. However, the effectiveness of the halving in boosting the price of Bitcoin is still a matter of debate among experts.
Conclusion
This weekend's cryptocurrency market decline is a reminder that crypto investments are still vulnerable to external factors, especially geopolitical events. Investors need to consider these risks carefully before investing in digital assets.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the 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:
Bitcoin Price Fluctuations: Hold Hard or Sell Fast?
BTC Price: $725 Billion Asset Managers Now "Believe" BTC Will Reach $150,000
Bitcoin Drops to 65,000, What Happened?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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