What’s Causing The Current Sudden Drop In Bitcoin Price? Here’s The Biggest Suspect

The price of Bitcoin, the world's largest cryptocurrency, experienced a sudden decline today and the price fell below $ 68,000.

The BTC price, which was above $ 71,000 during the day, lost more than 5% of its value at its bottom with this decrease and is trading at $ 68,044 at the time of writing this article.

The main reason for the decline in Bitcoin price is the tension between Israel and Iran. It is known that Iran wants to retaliate against some groups affiliated with Iran that were killed by Israel weeks ago. Recently, it has been rumored that Iran wants to attack Israel, either directly or by using its affiliated forces.

However, in the statement made by Israel, it was claimed that a rocket attack was launched against them from Lebanese territory. In the latest developments, it is stated that Israeli warplanes are flying over Beirut.

According to the news of US media outlet CBS, based on two unnamed US officials, officials said that the attack could include more than 100 unmanned aerial vehicles and dozens of missiles against military targets within the country, and warned that Israel would have difficulty fending off an attack of this scale. .

As geopolitical tensions reached their highest level in recent days, both gold and Bitcoin lost a significant amount of value today. Although the ounce of gold rose above $2,400 during the day and broke the highest price record of all time, it lost blood with the recent developments but is still traded at $2,392.

With the decrease in the price of Bitcoin, the liquidation of millions of dollars was also triggered. According to the data, a huge amount of liquidation of 210 million dollars took place in the cryptocurrency market in the last hour. Approximately 200 million dollars of these liquidations were in long positions. However, the majority of the liquidations, $29 million, were observed in Ethereum and $20 million in Bitcoin.

Table showing the liquidations that took place in the last hour.

*This is not investment advice.