Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Bitcoin Drops Below $60,000 Following Israel’s Missile Strike on Iran

Published 04/19/2024, 01:03 AM
BTC/USD
-
ETH/USD
-

Bitcoin's struggles continue as the halving is just hours away.

Bitcoin’s price has dropped below $60,000, hitting a low of around $59,600 on Binance. The drop follows news that Israel conducted missile strikes against Iran early Friday morning (UTC). ABC News first reported the attack, citing confirmation from a senior US official.

As reported, Israel’s action is a response to Iran’s attack last Saturday, using over 300 drones and missiles. Bitcoin tumbled following Iran’s attack. According to Israeli military officials, nearly all of these were intercepted by Israel and its allies, including the US.

The market reacted quickly to the latest news, with Bitcoin’s value dipping below the $60,000 threshold. After the sudden drop, Bitcoin retraced above $61,500, down slightly in the last 24 hours, according to CoinGecko’s data.

Altcoins are also down, with Ethereum currently trading near $3,000, a 2% decline in the last 24 hours. Major cryptos are experiencing similar drops, ranging from 1-3%.

Commenting on the escalating conflict between Iran and Israel, Bitcoin analyst Tuur Demeester said geopolitical instability tends to boost demand for assets that are “liquid,” “scarce,” and have “low counterparty risk.” He thinks Bitcoin, commodities, and gold are assets that fit these criteria.

Tweet

Original Post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.