Bittime - The crypto world is closely watching the development of the crisis between Iran and Israel in the Middle East. Fears of a full-scale war saw Bitcoin's value drop 7.7% to $62,773 on Saturday, its lowest point since March.
Iran's attack on Israel on April 13 was the main trigger for the decline in Bitcoin prices. Previously, Israel reportedly bombed the Iranian Embassy in Syria, killing several high-ranking Iranian military officers.
While traditional markets avoided major impacts due to the holiday weekend, crypto markets that operate 24/7 experienced significant declines.
Bitcoin Halving: Hope Amid Uncertainty
In a matter of days, the Bitcoin "halving" event will occur. Halving is a scheduled event where the reward for Bitcoin miners for mining Bitcoin and creating new blocks on the blockchain is reduced by 50%. The halving is expected to occur after 210,000 blocks have been mined, which will take around four years.
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Historically, halving events in 2012, 2016, and 2020 were followed by significant increases in Bitcoin's value. Investors, trading analysts and crypto enthusiasts hope the same thing happens in the 2024 halving, with predictions that Bitcoin's price could break $150,000.
However, the Iran-Israel crisis has the potential to be a major disruptor to these hopes.
War and Crypto: A Complex Relationship
The Russo-Ukrainian war in 2022 is a clear example of how crypto donations are used to fund military and medical needs. The World Economic Forum (WEF) report stated that Ukraine received $212 million in crypto donations, with $80 million of it coming from the Ukrainian government itself.
The donations were used to purchase military equipment, drones and medical supplies. In fact, a Ukrainian flag NFT sold for $6.75 million for their cause.
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Although crypto was used to help Ukraine, the war essentially had a negative impact on the crypto ecosystem. Funds that should have been allocated for developing crypto technology were instead siphoned off for war purposes.
Additionally, wars usually trigger governments to impose stricter regulations on crypto markets, which goes against the principle of decentralization that is at the core of blockchain technology.
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Hope in the Midst of Tension
Despite rising tensions, markets opened positive on Monday following US President Joe Biden's statement calling for de-escalation to avoid a wider war.
Bitcoin, which had dropped to $62,773 on Saturday, was up 3.4% on Monday and was around $66,265 at the time of writing.
The crypto community awaits the halving event with optimism. However, war or other global conflicts could hinder Bitcoin's hopes of breaking through the $150,000 mark.
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Also read:
What is Bitcoin Halving and How Does It Affect Bitcoin?
Crypto Market Falls During Iran & Israel Conflict, Bitcoin ($BTC) Even Profitable?
Iran Attacks Israel Causes Bitcoin Prices to Freefall to the Lowest Level This Month
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.
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