Israel also announced a state of emergency as it expects rapid retaliation from Iran.
Increased price volatility this week continues, as bitcoin has begun to rapidly lose value again, falling to a multi-day low well below $63,600.
The latest drop was likely caused by the rapid escalation of global tensions, particularly between the two old enemies – Iran and Israel.
The story began to develop less than half an hour ago Saturday morning when several media outlets reported that Israel had launched a “pre-emptive attack” against Iran. The first country’s Defense Minister, Israel Katz, announced a state of emergency in the country as he expects retaliation from Iran with drones and other strikes.
Similar cases in the past have impacted the price of bitcoin, and this time is no different. Given that the cryptocurrency space is the only financial market open over the weekend, the effects were immediate.
In just a few minutes, bitcoin rose from $66,000 to $63,600 before regaining ground at $64,000. However, the asset is down over four thousand dollars since yesterday when it was rejected at $68,000.
Before that, it peaked at $70,000 on Wednesday after rebounding from the multi-week low of $62,500 marked a day earlier. Altcoins have seen similar volatility, with many falling 2% or more in the last hour alone.
Liquidations are therefore on the rise again, reaching $450 million over 24 hours. $185 million of the total arrived in the last hour alone.
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