In a sharp market shift, Bitcoin dropped to $60,000, shedding most of the gains made following the Fed's rate cut. The leading cryptocurrency lost 3% in just 24 hours, with rising tensions in the Middle East adding to the volatility. Investors grew cautious after reports of potential missile strikes from Iran on Israel, prompting a move away from riskier assets. This significant drop followed an earlier high of $64,000 seen during European trading. 📉
⚠️ Tensions heightened when Israel's Defense Forces confirmed missile attacks, which caused Bitcoin to fall further to $61,000 and eventually near the key $60,000 level. This wiped out nearly all the post-Fed rally gains, showing how sensitive Bitcoin remains to global unrest.
Altcoins like SOL, AVAX, DOT, and NEAR faced even steeper losses, ranging from 5%-10%, while ETH dropped by 3.8% to hover just above $2,500. The entire crypto market felt the impact of the geopolitical turmoil.
In contrast, safe-haven assets saw gains, with gold nearing a record high of $2,690 per ounce and oil prices climbing 3% to reach $70 per barrel. The divergence between Bitcoin’s fall and gold's rise underscores Bitcoin's ongoing correlation with risk assets, as major stock indexes like the S&P 500 and Nasdaq also declined. Swissblock analysts highlighted that although these events stir short-term volatility, their long-term impact on asset prices may be limited. 🚨
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