The crypto industry has recently experienced a significant shock due to Iranian drone attacks on Israel, which not only increased geopolitical tensions but also triggered a sharp drop in Bitcoin and Altcoins in the global market. Let's take a deeper look at the decline in BTC price as a result of heated geopolitical tensions, namely the Iran and Israel war.
Bitcoin Price Slumps
As of March 2023, Bitcoin, the largest crypto asset, slumped by 7.7% on Saturday, with its price briefly recovering to around $64,000 (approximately IDR 928 million) on Sunday. However, other cryptocurrencies such as Ether, Solana, and Dogecoin have also suffered losses in the last 24 hours.
Iran's retaliatory strikes, involving drones and missiles, were in response to strikes in Syria that killed several Iranian military officials. This escalation of the conflict creates uncertainty that affects both traditional and crypto markets.
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Massive Liquidation
Data from Coinglass shows that about $1.5 billion (around Rp 21.7 trillion) was liquidated from the derivatives market during Friday and Saturday. This situation is one of the largest two-day liquidations in the past six months.
Bitcoin's current price is around $10,000 (approximately Rp 144.6 million) lower than the mid-March record of $73,798 (approximately Rp 1.07 billion). The launch of a dedicated U.S. crypto ETF at the beginning of the year has helped propel the token to record highs, but recent inflows into these products have slowed.
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Anticipating Bitcoin Halving
Crypto speculators are looking forward to the Bitcoin halving expected to happen around April 20, which will reduce the new supply of Bitcoin in half. This event has historically been a positive factor for price increases.
However, considering that Bitcoin recently made history by breaking its all-time high (ATH), there are doubts about the impact of the halving this time. Arthur Hayes, a billionaire well-versed in the crypto market, expressed a cautious view regarding the upcoming Bitcoin halving and its effect on asset prices.
Although many pundits predicted a significant spike for Bitcoin after the halving event, Hayes believes that the price action before and after the event could actually be negative. Coinbase has also warned that the timing of the year could pose a challenge to upward momentum as traders await a price surge ahead of the Bitcoin halving.
Optimism in the Midst of Uncertainty
On the other hand, some industry executives, such as Ripple CEO Brad Garlinghouse, remain optimistic. Garlinghouse predicts that the total market value of cryptocurrencies will double this year, largely driven by spot ETFs and Bitcoin halvings. He believes that the introduction of real institutional money through ETFs is an important factor contributing to this positive outlook.
"We are very optimistic. I think macro trends, big things like ETFs, they're pushing for the first time real institutional money," he told CNBC on April 7.
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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:
Israel officially launches attack on Iran, alert signal for traders
The Effect of Bitcoin Price on the Fate of Altcoins
Bitcoin Halving Impact: How Altcoins Are Faring
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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