Bitcoin Tumbles as Geopolitical Tensions Cast Shadow Over Halving

• Bitcoin dipped below $60K for a short time as the wider crypto market collapsed.
• The Israel-Iran violence seems to have an adverse effect on the crypto market.
• The anticipated Bitcoin halving event is set to take place on Friday.

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, continued to follow a downtrend irrespective of the bullish sentiment generated by the approaching halving event on April 20. 

In the past 24 hours, Bitcoin went as low as $59,700, but the buyers took advantage and pushed the price of the digital asset back above $60,000. As per the data from CoinMarketCap, the price of Bitcoin (BTC) stands at $62,000 as of 12:30 a.m. ET Friday. It is important to note that in the past seven days, Bitcoin has dropped 11.60%.

The trading volume of Bitcoin is up 2.34% in the past 24 hours, while the market capitalization of the leading digital asset stands at $1.23 trillion. The current price is 15.66% down from BTC’s all-time high witnessed in March at $73,750. 

As per a report from Bloomberg, unconfirmed reports of explosions in Iran, Iraq, and Syria caused investors to put their money on traditional assets like bonds, gold, and the US dollar while ditching volatile assets like stocks and virtual assets. 

It seems that the growing tensions in the Middle East are overshadowing the much-anticipated Bitcoin halving event, which is set to happen on Friday and will reduce the supply of the digital asset while bringing other major key changes, directly or indirectly.

According to Stefan von Haenisch, head of trading at OSL SG Pte., the Israel-Iran violence could lead to a “general risk-off sentiment across crypto.”