The strained geopolitical situation between Israel and Iran shows no signs of improving, leading to renewed concerns. With news of another Israeli strike against Iran, the Bitcoin market has experienced a significant dip, causing the price to fall below $60,000 within the past two days.
The Escalating Israel-Iran conflict
A U.S. source informed ABC News that missiles from Israel hit a site in Iran. Yet, the official did not verify if Israeli strikes occurred in Syria and Iraq as well. Iran’s FARS news agency reported an unexplained explosion in Ghajaworstan city, northwest of Isfahan. The cause of this blast is currently unknown.
Investors were prompted to shift their funds towards conventional safe-havens such as bonds, gold, and the US dollar due to the uncertainty caused by explosions in Iran, Iraq, and Syria. Conversely, speculative investments, including stocks and cryptocurrencies, experienced significant losses.
Bitcoin Price Sees Strong Volatility Before Halving
In just one day, we’ll experience the Bitcoin halving. The BTC price has been quite unpredictable lately, and despite a recent dip below $60,000, it has bounced back up to $61,862 at this moment.
The upcoming Bitcoin halving, scheduled for later this week, has been eclipsed by current geopolitical issues. This event is expected to bring about a significant reduction in the cryptocurrency’s supply.
Previously, Bitcoin’s price has typically risen following a halving event. But this time around, Bitcoin hit an all-time high in mid-March prior to the halving, raising questions among traders if the price increase had already been accounted for.
The persistent tension between Israel and Iran may lead to increased cautiousness among investors in the cryptocurrency sector. At the same time, JPMorgan asserts that the anticipated bitcoin halving has already been factored into current market prices. According to JPMorgan’s assessment, the market is currently overbought and there could be a potential decrease in Bitcoin’s value following the halving event.
The analysts additionally noted that Bitcoin mining businesses would experience the most considerable effect from the halving event. With unprofitable Bitcoin miners leaving the network, we expect a substantial decrease in hash rate and a concentration of mining power among the top publicly-traded Bitcoin mining companies.
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2024-04-19 10:16