Bitcoin experienced a drop below $60,000 briefly as the overall cryptocurrency market also declined. The conflict between Israel and Iran seems to have negatively impacted the crypto market. The anticipated Bitcoin halving event is scheduled for Friday.

Despite the positive sentiment surrounding the upcoming halving, Bitcoin, the largest cryptocurrency by market capitalization, continued on a downward trend. In the last day, the price of Bitcoin reached a low of $59,700 before buyers pushed it back above $60,000. Currently, the price stands at $62,000, although it has seen an 11.60% decrease over the past week.

Bitcoin's trading volume has increased by 2.34% in the last 24 hours, with a market capitalization of $1.23 trillion. The current price is considerably lower, down by 15.66% from its all-time high of $73,750 in March.

According to Bloomberg, unconfirmed reports of explosions in Iran, Iraq, and Syria have contributed to the geopolitical tensions overshadowing the upcoming Bitcoin halving event.

The information provided within this post was sourced from Coin Edition.