Bitcoin halving: BTC faces volatility spike as geopolitical tensions intensify

Bitcoin halving: BTC faces volatility spike as geopolitical tensions intensify
фото показано с : invezz.com

2024-4-15 13:58

This past week, Bitcoin (BTC) experienced significant fluctuations amid escalating geopolitical tensions and the anticipation of the forthcoming halving event.

The cryptocurrency closed the week at approximately $65,650, marking a 5.3% decrease from the previous week’s closing figure of around $69,350.

The volatile period was particularly pronounced over the weekend, following a relatively stable phase from Monday through Thursday.

On Friday, the digital currency took a downturn, falling to a low of $65,100.

The decline continued into Saturday, reaching a weekly low of $60,650 before making a slight recovery to close at around $65,650.

BTC falls on geopolitical tensions in the Middle East

The downturn over the weekend is largely attributed to increasing geopolitical tensions in the Middle East.

However, the market sentiment saw some recovery following announcements of a temporary ceasefire among the conflicted nations.

Bitcoin halving impact

Adding to the market dynamics is the upcoming Bitcoin halving, scheduled for the night between April 19th and 20th.

Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International (CSE:FNQ), says,

While previous halving events have historically been followed by 9-12 months of uptrend, they have often triggered short-term “sell the news” reactions before and after the event.

The week also saw a net outflow of $85 million from Bitcoin Spot ETFs, indicating a rise in profit-taking and investor caution, a shift from the strong upward trends observed in the final quarter of 2023 and the first quarter of 2024.

BTC trading volumes still high

Despite the recent pullback, trading volumes across BTC Spot ETFs remained high, with approximately $16.2 billion recorded over the week, averaging about $3.2 billion per day.

Since inception, cumulative trading volumes have reached about $212 billion, with daily averages hovering around $3.3 billion.

Bitcoin’s market dominance stood strong at 55.3%, marking the highest level since April 2021 and underscoring its resilience amid a turbulent market for broader digital assets.

The post Bitcoin halving: BTC faces volatility spike as geopolitical tensions intensify appeared first on Invezz

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Источник: invezz.com

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