Bitcoin Plummets Below $55K as Geopolitical Tensions Roil Crypto Market

August 05, 2024 04:55 PM AEST | By Team Kalkine Media

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Bitcoin Plummets Below $55K as Geopolitical Tensions Roil Crypto Market — Image source: Shutterstock

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Highlights:

Bitcoin Decline: (Bitcoin) fell below $60,000 for the first time since July 13, dropping nearly 10% over the weekend to around $54,348.20, influenced by geopolitical tensions and market sell-offs.

High Liquidations: The crypto market saw $620 million in liquidations in the past 24 hours, with 90% of these affecting long positions, exacerbating the downturn.

Geopolitical and Political Impact: Rising tensions in the Middle East and recent political shifts in the U.S. contributed to market volatility, impacting major cryptocurrencies like Bitcoin and Ethereum.

The crypto market took a significant hit over the weekend, with Bitcoin dropping below $60,000 for the first time since July 13. Attributed from various resourses the decline to a mix of geopolitical factors, including Israel's heightened alert over potential attacks from Iran and Hezbollah, with warnings of possible assaults as early as Monday.

(Bitcoin) (BTC) -16.62%: Bitcoin lost 10% of its value over the weekend, falling to just under $55,000, and was last seen at $54,348.20, down nearly 10%.

Liquidations: Total liquidations surged to $620 million in the past 24 hours, with 90% of those being long positions, according to CoinGlass.

(Ethereum) (ETH): Ethereum also suffered, plunging over 12.5%, contributing to the broader market turmoil.

Geopolitical Tensions: The escalating conflict between Israel and Hamas is contributing to market instability, potentially disrupting trade and affecting global markets.

Political Developments: The political scene also played a role, with former President Donald Trump’s bid for the White House facing unexpected developments as President Joe Biden endorsed Vice President Kamala Harris, who is now engaging with the crypto community and gaining traction in the polls.

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