Crypto markets plummet as Bitcoin crashes 8% amid massive volatility and geopolitical crisis: This week's recap

It's been a tough week. Bitcoin's price has fallen by about 8% over the past seven days, causing the entire cryptocurrency market to crash. This comes at a fairly difficult time geopolitically, with tensions between Iran and Israel continuing. Let's take a closer look.

First, Bitcoin is currently trading around $65,000, down about 8.3% compared to the same time last week, but this doesn't tell the whole story and hardly accurately conveys the massive volatility BTC has experienced.

By way of background, the leading cryptocurrency was trading around $70,000 at the start of the week, but the bears had other plans. BTC dropped to $66,000 over the weekend, before dropping further to below $62,000 on Sunday night. The bulls wouldn't let that happen, and the price recovered to $66,000 the next day, supported by considerable volatility.

The bears struck again on Wednesday, sending BTC close to $60,000 before recovering. Reports of an explosion in Iran overnight again sparked market volatility, with Bitcoin briefly dropping below $60,000. Iranian officials said they would not retaliate, and the market recovered, with BTC now trading around $65,000.

Much of this volatility has been driven by tensions between Israel and Iran, which have industry observers worried about a broader geopolitical conflict.

The total cryptocurrency market capitalization currently stands at $2.46 trillion.

As can be seen in the heatmap above, the market is shaded in red with most altcoins trading at heavy losses.

That said, the Bitcoin halving is expected to happen within the next few hours. This is a historically bullish event and it will be interesting to see if it sparks a much-needed bull market.

If one thing is certain, it's that the coming weeks are going to be interesting for the cryptocurrency space.

Market Data

Market Cap: $2.46 Trillion | 24-hour Volume: $134 Billion | BTC Dominance: 51.8%

BTC: $64,751 (-8.3%) | ETH: $3,087 (-12.3%) | BNB: $558 (-9.9%)

This week's cryptocurrency news you can't miss

Bitcoin is down 10% week on week, but big players remain in the game. Bitcoin prices have fallen sharply over the past seven days, leading many investors to worry about a bear market entering the market, but big investors remain unfazed and continue to buy more.

Why Zero Flows for a Spot Bitcoin ETF Doesn't Matter. Inflows into a spot BTC exchange-traded fund (ETF) have been a hot topic since it was approved by the SEC earlier this year, but neutral inflows may not have a big impact.

Here's why Bitcoin (BTC) won't stop at $100,000: Arthur Hayes (live from Token2049). Broadcasting live from Token2049 in Dubai, former CEO and co-founder of BitMEX Arthur Hayes said he doesn't think the price of Bitcoin will stay at $100,000. He outlined some key reasons why he believes this is the case.

Bitcoin transaction fees surpass Ethereum as halving anticipation grows As Bitcoin’s fourth halving approaches, with the event now just hours away, transaction fees on the network have surpassed those of Ethereum, highlighting growing demand and high expectations.

Binance to return to India after paying $2 million fine. The world's largest cryptocurrency exchange is preparing to return to the Indian market, reportedly by operating as a registered entity and paying a fine of around $2 million.

Sam Altman's Worldcoin launches L2 blockchain that prioritizes human transactions. Worldcoin, a project co-founded by Open AI CEO Sam Altman, plans to launch its own blockchain as a layer-2 solution on top of Ethereum.