Cryptocurrency Market Update: Bitcoin Dips Below $65,000 Amid Iran-Israel Conflict
Bitcoin (BTC) experienced a sharp dip below the $65,000 mark early Monday as tensions between Iran and Israel led to heavy liquidations among investors. The world’s oldest and most valued cryptocurrency dropped to as low as $62,000 on Sunday, causing a ripple effect across the crypto market. However, other popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) managed to recover as the overall Market Fear & Greed Index stood at 65 (Greed) out of 100, according to CoinMarketCap data.
The global crypto market cap currently stands at $2.36 trillion, showing a 24-hour gain of 2.29 percent. Bitcoin’s price is now at $64,965.38, with a 24-hour gain of 1.60 percent, while Ethereum is priced at $3,139.01, marking a 24-hour gain of 3.26 percent. Dogecoin, Ripple, Solana, and Litecoin also saw positive movements in their prices.
Among the top gainers in the crypto market today, NEO emerged as the biggest winner with a 24-hour jump of over 18 percent, while JASMY faced the biggest loss with a 24-hour dip of over 4 percent. The market dynamics are unique, with Bitcoin maintaining its dominance at nearly $65,000 while altcoins experience turbulence.
Experts in the crypto industry have shared their insights on the current market scenario. Mudrex co-founder and CEO Edul Patel highlighted the range-bound nature of Bitcoin between $60,000 and $73,000, with immediate resistance at $67,900 and support at $64,500. Parth Chaturvedi from CoinSwitch Ventures mentioned the selloff triggered by the Iran-Israel conflict and the expected volatility ahead of the halving event.
Rajagopal Menon from WazirX noted the significant investor interest in Bitcoin and the erratic movements of altcoins like Ethereum, Cardano, Chainlink, and Solana. Sathvik Vishwanath, CEO of Unocoin, emphasized the heightened volatility in the market amid escalating tensions in the Middle East and the uncertainty surrounding the conflict between Israel and Iran.
Shivam Thakral, CEO of BuyUcoin, highlighted the rebound of Bitcoin above $65,000 following news of a spot ETF approval from Hong Kong regulators. The CoinDCX Research Team emphasized the recent decline in the crypto market due to geopolitical tensions and the upcoming Bitcoin halving, which may lead to increased volatility.
Overall, the crypto market remains dynamic and unpredictable, with investors advised to exercise caution and seek expert advice before making any investment decisions. Cryptocurrency products and NFTs are unregulated and can be highly risky, subject to market risks and speculative predictions.
