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On February 24, 2022, Putin announced the launch of a special operation, leading to a decline in cryptocurrencies. Now, just days before the Bitcoin halving, cryptocurrencies have started to fall again following increased tensions in the Middle East. Bitcoin has returned to levels around $62,500, and there is a rapid sell-off in altcoins.
Why Are BTC and Altcoins Falling?
Bitcoin began to fall rapidly after an announcement made a few minutes ago. Iran had declared today that the attacks were over and that it had given the necessary response. However, seconds ago, Israel announced that it would respond to Iran’s last attacks within 24 or 48 hours.
If tensions in the Middle East continue to rise, this will lead to significant losses in risk markets. Following Israel’s killing of senior Iranian commanders, hundreds of missiles and drones were sent to the country in the last 24 hours. However, almost all of these were destroyed in the air. Now, Israel’s statement that escalates the tension is giving investors moments reminiscent of February 24, 2022.
The statement made by the US today advised Israel not to respond to Iran. New announcements expected in the coming hours are likely to further increase volatility in the market. Especially tomorrow, when the US markets open, we may see rapid sales in the spot Bitcoin ETF channel.
