Over the weekend, the cryptocurrency market experienced a significant drop, with Bitcoin plummeting below $60,000 for the first time since July 13. The sudden nosedive in Bitcoin’s price to just under $55,000 left many observers speculating on the possible reasons behind the decline. Some attributed it to Israel’s preparation for potential attacks from Iran and Hezbollah, with reports suggesting planned assaults as early as Monday.
According to data from CoinGecko, Bitcoin (BTC) lost 10% of its value over the weekend, trading at $54,348.20 at the last check, marking a 9.6% decrease. The total liquidations in the past 24 hours surged to $620 million, with the majority being long positions, as reported by CoinGlass. Ethereum (ETH) also saw a significant drop of more than 12.5%, leading to more liquidations in the market.
The recent volatility in the crypto market has been particularly evident in Bitcoin’s performance, as the leading cryptocurrency witnessed a seven-day decline of almost 16%. The ongoing geopolitical tensions in the Middle East, specifically between Israel and Hamas, have added to the uncertain market conditions. The escalating conflict has the potential to disrupt global trade and financial markets, causing further instability.
In a surprising turn of events, former President Donald Trump’s return to power faced a setback when President Joe Biden decided to step down and endorse Vice President Kamala Harris. This unexpected political development has led to Harris actively engaging with the crypto community to build support and improve her standing in the polls.
The combination of political uncertainty, global conflicts, and market fluctuations has created a challenging environment for cryptocurrencies like Bitcoin. Investors and traders are closely monitoring the situation to assess the impact on the market and make informed decisions. As the crypto market continues to navigate through these turbulent times, it remains to be seen how Bitcoin and other digital assets will respond to the evolving landscape of geopolitics and economics.