As Crypto Markets Fall, Bitcoin Crashes 8% Amid High Volatility, Geopolitical Woes: This Week’s Roundup

What a week it's been. In the past seven days, the price of Bitcoin has fallen by almost 8%, which has caused the entire cryptocurrency market to fall. This comes amid heightened geopolitical tensions between Iran and Israel. Let's dive in.

Starting with Bitcoin, it currently trades at $65K, down 8.3% from last week. But this does not convey the whole picture and the huge volatility of BTC has gone very little justice.

For context, the major cryptocurrency started the week's trading at around $70k, but the bears had other plans. BTC dropped to $66k over the weekend and fell further below $62k on Sunday evening. The bulls wouldn't have it and the price bounced back to $66K the next day, supported by high volatility.

On Wednesday, the bears made another attack, pushing BTC to $60K before another recovery. Reports of an explosion in Iran last night sparked market volatility and Bitcoin briefly dropped below $60K. Iranian officials said they would not retaliate, and the market recovered to around $65,000 worth of BTC.

Much of the volatility was caused by tensions between Israel and Iran, with industry observers fearing a wider geopolitical conflict.

The total cryptocurrency market capitalization stands at $2.46 trillion.

As you can see in the heat map above, the market is covered in red and most of the altcoins are trading at heavy losses.

That being said, the Bitcoin halving is expected to take place in the next few hours. Historically overvalued, it will be interesting to see if it triggers the long-awaited bull market.

If one thing is certain, the coming weeks should be interesting in the crypto field!

Market data

Market Value: $2.46T | 24H Volume: $134B | BTC dominance: 51.8%

BTC: $64,751 (-8.3%) | ETH: $3,087 (-12.3%) | BBNB: $558 (-9.9%)

You better not miss this week's Crypto headlines

Bitcoin drops 10% every week but the big players stay in the game. The price of Bitcoin has fallen sharply over the past seven days, and many investors are worried about the coming bear market. The big players, however, seem undeterred and continue to stockpile.

Why Zero Flow Bitcoin ETFs Really Don't Matter The entry of BTC exchange-traded funds (ETFs) into the space has been a hot topic since the product was given the green light by the SEC earlier this year. However, neutral flows may not have any significant effect.

Here's why Bitcoin (BTC) won't stop at $100K: Arthur Hayes (Live from Token2049). Live from Token2049 in Dubai, Arthur Hayes, former CEO and co-founder of BitMEX – said that the price of Bitcoin will not stop at $100k. He listed a few important reasons why he shares this belief.

As halving speculation grows, Bitcoin transaction fees overtake Ethereum. As the fourth Bitcoin halving approaches and is now hours away, transaction fees on the network have surpassed those on Ethereum, underscoring rising demand but high speculation.

Binance set to return to India with $2 million fine. The world's largest cryptocurrency exchange is gearing up to return to the Indian market. It will reportedly operate as a registered entity and pay a fine of up to $2 million.

Sam Altman's Worldcoin is set to launch L2 Blockchain, a priority for human transactions. Worldcoin, a project co-founded by Sam Altman, who is the CEO of Open AI, will launch its own blockchain as layer-two on top of Ethereum.