Geopolitical
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#write2earn Crypto Market Analysis: #Bitcoin Rebounds Above $65,000 Amidst #Geopolitical Tensions #BullorBear #MarketStorm $BTC
Bitcoin is currently trading above $65,000, with ether back up over $3,100 as the market has settled down following Iran's significant drone and missile attack on Israel, which was largely thwarted by air defense systems.
Over the weekend, Bitcoin slipped below $62,000 amidst heightened geopolitical tensions. However, things seem to have calmed down now, with indications that the conflict won't escalate further, particularly as the U.S. has stated it won't participate in an Israeli counter-attack on Iran, as reported by Al-Jazeera.
According to traders on Polymarket, the likelihood of Israeli military action against Iran by April 15 has dropped to just 4%, down from nearly 57% in the immediate aftermath of Iran's missile strike.
During the peak of the tension, PAXG, a digital asset representing gold created by Paxos, was trading at a 20% premium compared to physical gold, as crypto traders sought refuge in the traditional safe-haven asset.
Even before the tension escalated, the digital asset market was facing significant selling pressure due to the U.S. tax season, which coincides with the run-up to the halving.
Arthur Hayes noted in a blog post that the halving coincides with a period of tighter dollar liquidity, potentially exacerbating the sell-off of crypto assets.
Additionally, traders are eagerly awaiting the launch of bitcoin and possibly ether ETFs in Hong Kong this week, which could provide Chinese traders with easier access to digital assets. Matrixport estimates that these ETFs could unlock a demand of up to $25 billion.
Bitcoin is currently trading above $65,000, with ether back up over $3,100 as the market has settled down following Iran's significant drone and missile attack on Israel, which was largely thwarted by air defense systems.
Over the weekend, Bitcoin slipped below $62,000 amidst heightened geopolitical tensions. However, things seem to have calmed down now, with indications that the conflict won't escalate further, particularly as the U.S. has stated it won't participate in an Israeli counter-attack on Iran, as reported by Al-Jazeera.
According to traders on Polymarket, the likelihood of Israeli military action against Iran by April 15 has dropped to just 4%, down from nearly 57% in the immediate aftermath of Iran's missile strike.
During the peak of the tension, PAXG, a digital asset representing gold created by Paxos, was trading at a 20% premium compared to physical gold, as crypto traders sought refuge in the traditional safe-haven asset.
Even before the tension escalated, the digital asset market was facing significant selling pressure due to the U.S. tax season, which coincides with the run-up to the halving.
Arthur Hayes noted in a blog post that the halving coincides with a period of tighter dollar liquidity, potentially exacerbating the sell-off of crypto assets.
Additionally, traders are eagerly awaiting the launch of bitcoin and possibly ether ETFs in Hong Kong this week, which could provide Chinese traders with easier access to digital assets. Matrixport estimates that these ETFs could unlock a demand of up to $25 billion.
Bitcoin been consolidating in range {52k$-71k$} for 230 days now, made a wick till 48k$ following #Geopolitical tension
Well the USElection2024 is next month & we're already in Election Quarter, The market is still in Fear mode & I'm discussing my Targets for Btc in charts 🚀
Follow me on Telegram & Twitter/X for more accurate & simple analysis that anyone can understand
$BTC
#BinanceLaunchpoolHMSTR #BTCReboundsAfterFOMC #BTCUptober
Well the USElection2024 is next month & we're already in Election Quarter, The market is still in Fear mode & I'm discussing my Targets for Btc in charts 🚀
Follow me on Telegram & Twitter/X for more accurate & simple analysis that anyone can understand
$BTC
#BinanceLaunchpoolHMSTR #BTCReboundsAfterFOMC #BTCUptober