Bitcoin has recovered from its recent dip to the $55,000 support level; according to Coin Market Cap data, it now trades at around $64,800.
Also, in tandem with Bitcoin, the price of Ether (ETH) dipped to $2862 in the last few days but has recovered with a quick spike, reaching $3126. The coin is presently trading at around $3080.
While the crypto market plunged sharply, gold prices spiked within the same period; Pax Gold (PAXG), a gold-backed token, reached $2417.17 before dropping to a low of $2378.69. It is currently trading at around $2391.
Analysts speculate that these price movements may be linked to Israel’s recent attack on Iran. Many pundits and analysts commented on the war’s impact on the crypto market. One such is renowned crypto trader and coach Zia Ul Haque, who noted on X that the crypto bulls are fighting hard to keep prices above the $60,000 level.
Haque warned of a possible drop to $55,000 if bitcoin fails to maintain its current level amidst geopolitical tensions. The trader noted that further war tension may result in a widespread panic selloff in the market.
READ MORE:
- Analysts Warn of Prolonged Downturn As $1.7 Billion Worth of Bitcoin Is Transferred to “Accumulation Addresses” Following Price Drop
- Analysts React to Bitcoin’s Current Price Movement, Assess Potential Rebound
Meanwhile, reports from ABC News and CNN have confirmed that there were Israeli airstrikes on Iranian airfields and military bases in the early hours of Friday, April 19, 2024. The CNN report cited a retired United States Major General, who stated that the attack was both a cautionary message and a retaliatory warning to Iran. Notably, Israel’s attack comes only a few days after being hit by Iran air strikes.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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