The cryptocurrency market decided to decline sharply over the weekend, with Bitcoin falling below $60,000 for the first time since July 13.
Observers have taken to X.com to blame the sharp drop on a combination of factors, including Israel’s readiness for potential attacks from Iran and Hezbollah, with warnings of Reported They planned attacks early Monday.
Bitcoin (BTC) lost 10% of its value over the weekend, approaching $55,000, according to CoinGecko data. By the last check, Bitcoin was down a steep 9.6% to $54,348.20.
Total liquidations over the past 24 hours have risen to $620 million, 90% of which were long-term, according to CoinGlass.
It’s safe to say that the cryptocurrency market had a tough weekend, with major assets like Ethereum (ETH has dropped by over 12.5% in the last check, causing more liquidations.
But Bitcoin, in particular, has seen sharp volatility recently. The world’s largest cryptocurrency by market capitalization has seen its price drop by about 16% over the course of seven days.
Bitcoin interacts with global politics
In addition to the weekend news cycle, the Middle East conflict between Israel and Hamas is seeing rising tensions that threaten to escalate into a larger conflict, potentially disrupting trade and sending local and global markets into a frenzy.
Former President and recent crypto convert Donald Trump’s path to reclaiming the White House also took an unexpected turn when President Joe Biden decided to step aside and support Vice President Kamala Harris.
This political conspiracy has Harris reaching out to mend fences with the crypto community and acquisition Land in the polls.