đ¨ Bitcoin Crashes to $60K Amid Middle East Tensions â Alarming Market Shake-Up! đ¨
In a dramatic turn of events, Bitcoin plunged to $60,000, wiping out most of its post-Fed rate cut gains. The largest cryptocurrency by market cap dropped 3% in the past 24 hours, as escalating tensions in the Middle East sent shockwaves through the market.
Headlines reporting an imminent missile attack by Iran on Israel spurred a flight from risk assets, driving investors toward safer havens. This marked a sharp decline from Bitcoinâs earlier high of $64,000 during European trading hours. đ
â ď¸ Warning: The situation intensified when Israel's Defense Forces confirmed missile strikes, triggering a further drop to $61,000, and eventually, Bitcoin dipped just above the critical $60,000 mark. This decline erased nearly all the gains seen after the U.S. Federal Reserve's 50 basis point interest rate cut in mid-September, reflecting Bitcoin's vulnerability during global crises.
Major altcoins, including SOL, AVAX, DOT, and NEAR, were hit even harder, experiencing 5%-10% losses, while ETH saw a smaller 3.8% drop at just above $2,500. This widespread decline highlights the severe impact of geopolitical events on the broader crypto market.
Meanwhile, safe-haven assets like gold surged, nearing its record high at $2,690 per ounce, while crude oil jumped 3%, reaching $70 per barrel. The stark contrast between goldâs performance and Bitcoinâs underscores its continued correlation with risk-on assets, as stocks like the S&P 500 and Nasdaq also slipped 1% and 1.7% respectively. Swissblock analysts noted that such "war news" rarely has a lasting negative impact on asset prices, though short-term market volatility remains a major concern. đ¨
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