Bitcoin (BTC), the world's most popular cryptocurrency, reached an all-time high of $73,780.07 last week and is on track to surpass it. However, the escalation of tensions between Iran and Israel on Sunday (April 14) led to massive liquidation among investors, resulting in a disaster for BTC. It fell to $61,000 but managed to recover to $66,000 at the time of writing. Although the crash was expected due to the sudden conflict, it is largely expected that BTC will steadily try to get back on track in the coming days unless violence escalates in the Middle East.
Before proceeding further, readers should note that the entire cryptocurrency market and coin prices are highly volatile in nature. There is no surefire way to see how a virtual currency is expected to perform in the future. This article aims to help investors stay on top of the current market scenario, the biggest events that have already happened, and upcoming events worth watching. Investors are encouraged to do their own research before taking the call.
Cryptocurrency prices in the past week
Last Monday (April 8), the total market capitalization of cryptocurrencies was $2.59 trillion. BTC price was around $69,400 and ETH price was around $3,400.
A week later, the overall market capitalization had fallen to $2.36 trillion.
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The total trading volume of DeFi was $10.07 billion, accounting for 8.84% of the market's 24-hour total trading volume. For stablecoins, the overall volume was $104.96 billion, accounting for 92.18 percent of the total market volume in 24 hours. According to CoinMarketCap, the market-wide Fear and Greed Index was 65 points (out of 100) of “greed.”
At the time of writing, BTC's dominance was 54.10%.
Over the past seven days, Bitcoin reached a high of $72,520.19 (April 8) and a low of $61,858.49 (April 14).
Meanwhile, Ethereum's high was $3,714.11 (April 9) and low was $2,880.12 (April 14).
Notable crypto events
Bitcoin's value plummeted following Iran's unexpected drone attack on Israel. News of the strike shocked global markets and prompted a fall in the value of cryptocurrencies, with Bitcoin leading the decline.
The incident, which heightened tensions in the region, also resonated across social media platforms, with discussions around the trending topic “World War III” surging, reflecting global concerns about potential escalation.
In addition, Rich Dad Poor Dad author Robert Kiyosaki addressed the possibility of future market downturns, with particular reference to economist Harry Dent's predictions of an impending crash across all asset classes. Kiyosaki, who is known for advocating investing in tangible assets, emphasized his commitment to gold, silver and Bitcoin as safe investments.
Kiyosaki pointed out that even though Dent predicts the price of Bitcoin will drop dramatically to $200, his strategy remains unchanged. He continues to support the idea of investing in what he calls “real hard money” and advises individuals to consider protecting their wealth through similar investments.
Finally, significant activity was observed among B .A growing number of IT coin miners are selling their holdings ahead of the Bitcoin network's halving, which is expected to occur in just two weeks. There has been a notable spike in the amount of Bitcoin sold to over-the-counter (OTC) trading desks, according to the latest analysis from Cryptoquant.
This surge in sales is the highest since the summer of 2023 and signals a strategic move by miners to adjust their positions ahead of the halving event. This event typically affects miners' rewards for producing new blocks on the blockchain, prompting them to adjust their asset management strategies.
What crypto traders are saying about the current market scenario
“The rebound from $62,000 to $65,000 shows resilience in the face of downside pressure, but there is no clear indication at this point,” Mudrex co-founder and CEO Edul Patel told ABP Live. “There may be a lack of upward momentum.” Bitcoin is likely to consolidate within a narrow range this week due to rising geopolitical tensions between Iran and Israel. The $60,775 level is expected to act as a strong support zone, indicating that bullish investors are still present in the market. However, a break above this level could lead to further downside pressure. On the upside, Bitcoin will face immediate resistance at $67,900. A break above this resistance level could signal new bullish sentiment and pave the way for further upside. ”
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Disclaimer: Crypto products and NFTs are unregulated and can be extremely risky. There may be no regulatory remedy for losses from such transactions. Cryptocurrencies are not legal tender and are therefore subject to market risks. Readers are advised to seek professional advice and carefully read the offer document together with relevant key literature on the subject before making any type of investment. Cryptocurrency market predictions are speculative and investments are made at the reader's sole expense and risk.
