Bitcoin Back Above $62K as Crypto Market Calms After Reports of Limited Damage From Israeli Attack

ABC News initially broke the news on Friday that Israel conducted a reprisal attack against Iran. According to CNN’s sources, multiple military installations and airfields in the country were targeted by missiles. Al Jazeera reported that Iranian officials are playing down the incident, describing it as a minor drone strike.

If market instability persists, managing partner at Bizantine Capital, March Zheng, believes the next significant level for bitcoin’s price could reach $55,000.

“In the event of a mass sale of Bitcoin triggered by war news, this situation could represent a profitable purchasing chance, according to Jun-Young Heo, a derivatives trader at Presto, in a Telegram communication.”

The major stock markets in Asia are experiencing declines, with the Hang Seng index in Hong Kong dropping by 3.5%, Japan’s Nikkei 225 decreasing by 6.5%, and Taiwan’s TAIEX falling by 5%. Additionally, U.S. stock futures have dropped while oil prices are on the rise, according to MarketWatch.

The market now appears to be overlooking the attack and is now focused on the upcoming halving.

In simpler terms, Bitcoin experienced a significant increase in trading activity and dropped from around $64,000 to $61,000 the day before the anticipated halving event. It’s possible that investors had already factored in the expected news by selling, as evidenced by a negative Bitcoin funding rate.

“This current pullback, along with recent ones, follows the pattern of past bitcoin halving events. However, the uncertain economic conditions moving forward could lead to increased market swings.”

The performance measurement for the 20 most traded digital assets on CoinDesk, represented by the CD20 index, has increased by 0.47%. Currently, it stands at a value of 2,137.

April 19, 2024 (05:20 UTC): New information has emerged, leading to revisions in the headline and article with further details.