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The price of Bitcoin (BTC) recently dipped below $60,000, hitting a low of around $59,600 on Binance. The drop in Bitcoin’s price which follows geopolitical tensions in the Middle East has left investors wondering if the cryptocurrency’s future is at risk.

Details on Bitcoin’s Price Plunge

ABC News reported early this morning that Israel conducted missile strikes against Iran. Confirming the report, CNN added that various military bases and airfields in the country were attacked. Israel’s attack is in retaliation to Iran’s attack using over 300 missiles and drones on Saturday. Upon hearing the news, the crypto market reacted quickly with Bitcoin dropping below $60,000. since then Bitcoin has recovered and at the time of writing is now priced above $65k.

The drop in Bitcoin’s price comes as more holders of the coin are selling their positions rather than buying. Investors treated Bitcoin as a risky asset, fleeing to other asset classes such as gold, silver, US dollar, and bonds. 

While commenting on the ongoing escalating war between Iran and Israel, Bitcoin analyst Tuurà noted that Bitcoin, commodities, and gold fall under this category.

Meanwhile, Bitcoin is not the only digital asset that fell on the news of Israel’s retaliated airstrikes. In line with what Crypto News Flash previously disclosed, Ethereum (ETH), the second largest cryptocurrency, also declined 2% to approximately $3,000. Other large cryptocurrencies saw declines of between 1 to 3%. 

Should the market downturn continue, March Zheng, a managing partner at Bizantine Capital highlighted that Bitcoin’s price would fall to the $55,000 mark. However, Jun-Young Heo, a derivatives trader at Presto stated in a Telegram message that it might still be an excellent opportunity to buy BTC, despite the panic sell for cryptocurrency.

Crypto Market Picks Up Momentum

Amid these bearish twists, within the last 24 hours, the global crypto market picked up momentum, with market capitalization recording an increase of 3.18% to $2.63 trillion. Per Bitcoin, it has returned above the $65,000 threshold.

At the time of writing, Bitcoin is trading at $65,115, demonstrating a 3.87% surge within the last 24 hours. Additionally, the market capitalization increased by 3.6% to $1.2 trillion, while trading volume surged 13.7% to $49 billion. The market appears to have moved past the tension in the Middle East to focus on the forthcoming Bitcoin halving event.

The Bitcoin halving, which is scheduled for April 20th, is a momentous event for both the network and the community. Miners’ rewards will be reduced by half, from 6.25 to 3.125 BTC per block. This is designed to regulate supply with just 21 million BTC tokens ever issued. As previously reported by Crypto News Flash, bulls are expecting BTC to stage a massive rebound that ends with the cryptocurrency reaching $80,000.

In the same vein, ETH also recovered slightly, trading at $3,101, with its trading volume increasing by 5% to $20.5 billion in the past day. 

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