The trade price of the majority of the top flagship crypto assets crashed badly following the news of the Israel vs Iran conflict.
The current trade price of Bitcoin (BTC) is $67,694. This trade price is 4.5% down over the last 24 hours. Following the war efforts in the Middle East, the price of BTC crashed by nearly -8% but suddenly recovered significantly by 4%.
#israel vs #Iran conflict is significantly visible in the crypto market pic.twitter.com/OTAM6B4Kfi
— Bitcoinik (@Bitcoinikdotcom) April 13, 2024
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Following the war tensions around the Middle East, the trade price of the Ethereum (ETH) coin crashed 12.5% to $3,102 from $3,542. The current trade price of ETH coin is $3,251 & this trade price is 8.23% down over the last 24 hours.
As per on-chain records & exchange data reports, the entire network liquidated $785 million for long orders, which is a very big figure with this significant & sudden correction in the trade prices in the bull phase of this market.
As we know the Bitcoin blockchain network is heading toward Bitcoin halving, a process after which the block reward will be reduced to 3.125 BTC from 6.25 BTC.
Before Bitcoin halving corrections in the trade price of Bitcoin is usual but here, notably, another factor acted as another big catalyst to turn the bearish sentiments more bearish.
Middle East Conflict & Opportunity
The majority of the crypto traders are looking toward the Israel vs Iran conflict as an opportunity to make money, as they think that 4 to 5 days later the trade price of the majority of the flagship crypto assets will pump rapidly.
These optimistic expectations among the top crypto traders came from the history of the Russia vs Ukraine conflict of 2022, where we saw sudden & significant corrections because of war tensions but later cryptocurrencies emerged as a solution to access banking services despite internet outages or financial restrictions in Ukraine & Russia respectively.
Read also: Coinbase lawyers file a brief to get legal clarity on “Investment Contract”
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