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Bitcoin Dips to $61,514 Amid Geopolitical Tensions and Economic Uncertainty
Following the drone attack by Iran on Israel on April 13, Bitcoin experienced a significant drop, losing over 8% of its value to trade at $61,514. This recent fall is part of a broader downward trend in the crypto market, which began on April 12, exacerbated by geopolitical tensions and monetary policy concerns.
In response to indications from the U.S. Federal Reserve that interest rates would not be cut soon due to persistent high inflation, the crypto market initially reacted negatively, with Bitcoin falling from $71,000 to $65,000. The situation worsened following the Iran-Israel conflict, leading to Bitcoin’s further decline to the $61,000 mark as crypto traders reacted swiftly over the weekend when traditional markets were closed.
Over the past 30 days, Bitcoin has declined by slightly more than 6%, with a 13% drop from its all-time high of $73,798 recorded in March. Despite this, it remains substantially higher than its value a year ago.
Other cryptocurrencies also saw declines, with Ethereum dropping to $2,850 and others falling by 20-30% on average. Amid these drops, only a few tokens like Leo (LEO), Bittensor (TAO), Celestia (TIA), and Wormhole (W) recorded gains.
As of now, the total cryptocurrency market cap stands at $2.43 trillion, down by 5.2% following the events of April 13. While some market observers view these fluctuations as typical, experts like Benjamin Cowan of Into The Cryptoverse and MicroStrategy’s Michael Saylor suggest that such volatility can be beneficial for Bitcoin in the long run.
