Recently, Bitcoin and the crypto market have had peaceful weekends. However, the upcoming weekend is expected to bring substantial differences.
The price of Bitcoin (BTC) has significantly dropped in the past few days, possibly influenced by yesterdays’ Fed Reserve presidents’ statements or today’s news about Iran’s alleged plans to attack Israel. Altcoins have experienced an even greater decrease in value.
Peter Schiff, known for his bearish outlook, might see this as an ideal moment to criticize further. However, it’s important to note that gold’s value decreased when markets reopened yesterday as well.
Bitcoin experienced a sudden drop in price, falling slightly above $61,000. This equates to approximately 26 ounces of gold. In contrast, three years ago, one Bitcoin was valued at around 37 ounces of gold. Therefore, the value of Bitcoin has decreased by roughly 30% when measured against gold. It’s clear that Bitcoin is in a bear market if we consider its price in terms of this precious metal.
— Peter Schiff (@PeterSchiff) April 13, 2024
Yesterday and today saw significant market drops, according to CryptoPotato’s report. These declines caused Bitcoin’s price to decrease approximately $10,000. Altcoins experienced even more substantial price declines, with nearly all charts displaying massive drops.
The combined value of all cryptocurrencies has dropped by over $400 billion in less than a day, bringing the total market capitalization down to about $2.35 trillion on CoinGecko as of now. This is a significant decrease from the $2.8 trillion mark we saw just yesterday morning.
The US Fed, with some top representatives speaking up, denied any intention of reducing interest rates in the near future, which contributed to the recent market downturn signified by the red Friday.
The current collision appears connected to external factors – specifically, the escalating conflict between Israel and Iran.
A few weeks ago, there were reports that Israel had allegedly taken the life of a high-ranking Iranian officer in Damascus’ embassy annex. Subsequently, it was announced that Iran was planning retaliation, and their navy recently seized a cargo ship believed to be connected to Israel.
Since yesterday, Israel’s military has been readied for action at its full capacity, and some scheduled activities have been canceled. The military’s top spokesperson, Rear Admiral Daniel Hagari, issued a warning: over sixty combat aircraft are currently in the air.
The US has been put on notice following President Biden’s unexpected return to the White House from Delaware. As reported by the Pentagon, US Defense Secretary Lloyd Austin is currently engaged in intensive talks with Israeli authorities regarding pressing security concerns in the region.
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2024-04-14 00:08