The cryptocurrency market is under pressure again following the escalation of the conflict between Iran and Israel. Bitcoin, which initially rose above $106K, quickly fell below $105K, leading to significant liquidations among traders.
Escalation of the Conflict in Iran
The situation in the region rapidly deteriorated after Israeli Defense Minister Israel Katz announced "intense strikes" on Tehran, accusing Iran of breaking the ceasefire mediated by the US and Qatar. In response to these accusations, high-ranking Iranian officials stated that the country is ready for possible retaliation.
Liquidations in the Cryptocurrency Market
The escalating conflict triggered panic in the cryptocurrency market, resulting in over $500 million in liquidations in a short period. All this occurred against the backdrop of falling Bitcoin prices, which lost a significant portion of its recent gains.
Expert Opinions and Predictions
Some experts, such as analyst Michael van de Poppe, have stated that the current drop in Bitcoin price may be temporary and represents a "healthy correction." He noted that the price of $103K might be a significant buying zone.
The cryptocurrency market is experiencing a high level of uncertainty due to geopolitical factors and the Federal Reserve's response. Investors continue to monitor the developments closely.
