The crypto market took a nosedive over the weekend, with Bitcoin plunging below $60,000 for the first time since July 13. Geopolitical tensions and liquidations have been blamed for the downturn.
Observers on X.com blame the plummet on factors like Israel’s potential attacks from Iran and Hezbollah. Planned assaults were reported for as early as Monday.
Bitcoin (BTC) shed 10% of its value during the weekend, dropping to $54,348.20, down 9.6%, according to CoinGecko. Total liquidations in the past 24 hours spiked to $620 million, with 90% being long positions.
Ethereum (ETH) also plunged, shedding over 12.5%, causing more market instability. Bitcoin, the largest cryptocurrency by market cap, saw a seven-day drop of nearly 16%.
Bitcoin reacts to global politics
Increasing tensions between Israel and Hamas could disrupt trade and send global markets into a frenzy. The political scenario was further complicated by President Joe Biden endorsing Vice President Kamala Harris as his successor, leaving former President Donald Trump facing an unexpected challenge.
This shift sees Harris reaching out to the crypto community and gaining ground in the polls, indicating changes ahead for the market.
