Bittime - The price of Bitcoin (BTC) has recently been more influenced by global geopolitical issues than the long-awaited halving event. In fact, halving is an important event where the number of new Bitcoins printed is halved.
Usually, after a halving the price of Bitcoin soars. However, this time the situation was different.
Geopolitics Threatens Bitcoin Price Increase
Halving is designed to maintain a balance between Bitcoin supply and demand. Every four years, the number of new Bitcoins “mined” halves.
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Analysts predict Bitcoin prices will skyrocket after the halving. However, this prediction may not happen this time. Geopolitical events such as wars and international conflicts have a greater influence on Bitcoin's current price.
Also read: Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?
Investors Exit Crypto Markets
Data shows significant withdrawals from Bitcoin and Ethereum last week, totaling $226 million. Bitcoin saw the largest withdrawal, at $192 million, while Ethereum lost $34 million.
Interestingly, even short bets on Bitcoin also experienced withdrawals, albeit in small amounts ($0.3 million).
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Rays of Hope in the Midst of Withdrawal of Funds
Despite capital withdrawals, there is a glimmer of hope. Investor sentiment towards crypto assets overall improved slightly, attracting $9 million to various investment opportunities.
Also read: What is Bitcointalk?
Additionally, altcoins like Chainlink and Litecoin managed to buck the drawdown trend, attracting $1.7 million and $3.2 million in inflows, respectively.
Bitcoin ETF Investors Beware
Funds invested through the Spot Bitcoin ETF saw a $165 million drop over the past week. This decline is in line with a decrease in purchasing activity, especially during the US tax filing season.
Nevertheless, nine ETFs recorded trading volumes approaching $2.7 billion last Wednesday, indicating continued interest and engagement in the market.
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Conclusion
Bitcoin price currently stands at $66,148 with a 24-hour trading volume of $24.658 billion and a 0.18% intraday gain. These figures confirm Bitcoin's position as a leading player in the crypto world, with a stable market capitalization at $1.2 trillion.
Will geopolitical turmoil continue to suppress Bitcoin price increases post-halving? Let's wait and see how it develops.
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:
Differences between Bitcoin (BTC) vs Bitcoin Cash (BCH)
What is Bitcoin Halving and How Does It Affect Bitcoin?
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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