The price of Bitcoin fell below $100,000 after the United States launched military strikes against Iran’s nuclear facilities during a time of rising geopolitical tensions. The digital currency reached its lowest point since May at $98,904 when it dropped 3.8% during weekend trading. Bitcoin experienced a sudden 3.8% decline to $98,904 after former US President Donald Trump confirmed Iran’s Fordow Natanz and Isfahan nuclear facilities were attacked which caused widespread risk aversion among crypto investors.
The crypto market experienced a significant decline because of the unstable geopolitical situation which caused Ether to drop by nearly 10% to $2,157. The market displayed nervous behavior because of regional instability threats before traditional markets reopen to focus on oil price movements.
The cryptocurrency market experienced $1 billion in liquidated bets during a 24-hour period according to Coinglass data where long positions made up $915 million of the total. Cosmo Jiang from Pantera Capital explained that Bitcoin usually drives market recoveries during geopolitical crises so investors might expect a potential price increase if global tensions decrease.
The market value of Bitcoin remains connected to investor reactions about macroeconomic and geopolitical events which solidifies its position as a volatile asset during uncertain times.
