As tensions between Israel and Iran escalate, Bitcoin caused the price to fall below $60,000. With the much-anticipated halving event just hours away, any escalation in geopolitical tensions could risk triggering selling pressure, according to trader Zia ul Haque.
As Koinfinans.com reported, giants such as JP Morgan continue to create uncertainty among investors by warning of a potential downtrend.
JP Morgan CEO Speaks About Bitcoin Again: Here’s What He Said
Geopolitical Tensions Rising Between Iran and Israel
Recent news that Israel launched a missile attack on Iran has increased geopolitical tension in the region. Finally, explosions were heard in Isfahan, but it is not yet clear what was targeted.
Additionally, speculations about the explosions in Iran, Iraq and Syria caused investors to buy bonds, gold and led to a rush into traditional safe-haven assets such as the US dollar. In contrast, including stocks and Bitcoin cryptocurrencyRiskier investments such as s faced selling pressure.
What is Volatility Before Bitcoin Halving?
Despite the Bitcoin halving event, which has historically been associated with price rallies, BTC experienced a significant surge in leadership. After briefly falling below $60,000, the price quickly rose to $64,000 levels. However, concerns about the geopolitical situation have overshadowed the optimism surrounding the halving.
Historically, halving events have often led to price increases, but this time around concerns are emerging as Bitcoin reached a record high in mid-March ahead of the event, leading to speculation as to whether traders had already priced in the expected impact.
