Notwithstanding the positive sentiment around the halving event that is on the horizon, Bitcoin (BTC), leading the market cap in cryptocurrencies, continues to move south.
Bitcoin fell to as low as $59,700 within the last day. However, investors scooped it up, causing the price to soar back above $60,000. As of 12:30 a.m. ET on Friday, the BTC price was $62,000, according to CoinMarketCap data. Keep in mind that bitcoin has fallen in value by 11.60% over the last seven days.
The largest digital asset has a market capitalization of $1.23 trillion and has increased trading volume by 2.34% over the last 24 hours. In March, the highest point reached by Bitcoin was $73.750, and its price has fallen by 15,66% since then.
According to Bloomberg, panic that was spurred by unconfirmed reports of explosions in Syria, Iraq, and Iran made investors divert their attention from riskier assets such as shares and virtual currencies and focus mainly on stable ones like bonds, gold, and the US dollar.
While the Bitcoin halving event on Friday is bringing the cryptocurrency’s supply down and, along with that, introduces other major chain-related changes, directly or indirectly, it is getting ignored due to the rocketing tensions in the Middle East.
OSL SG Pte says that it is the bloodshed that continues to exist between Israel and Iran. Stefan von Haenisch, who is the head of trading, can lead to “general risk-off sentiment across crypto.”