Bitcoin's price plunged below $60,000 on Thursday, extending a recent losing streak and reaching its lowest point since February. The dip followed a series of geopolitical conflicts, including explosions near a military base in Iran. Despite a slight rebound, Bitcoin remains down over 1% over the past day and could cool excitement ahead of Friday's Bitcoin halving, an event that typically results in a supply crunch and a subsequent rise in price.
With less than a day to go before the highly anticipated Bitcoin halving, the leading cryptocurrency's price fails to exhibit signs of strength. On Thursday evening, Bitcoin's value plummeted below $60,000 for the first time since late February, reaching a low of $59,573 on the Coinbase crypto exchange.
This latest decline extends Bitcoin's recent downtrend, bringing its weekly losses to almost 14%. Since reaching an all-time high of $73,737 just over a month ago, Bitcoin's price has now fallen by 18%.
Following the sudden drop, Bitcoin's value has recovered somewhat, currently trading at $60,945. While it remains down by more than 1% over the preceding 24 hours, it experienced a precipitous decline from over $63,000 to below $60,000 in less than two hours.
Thursday's price drop coincides with renewed geopolitical tensions. According to recent news reports, explosions have been heard near a military facility in Iran within the past hour. An anonymous U.S. official informed CNN that Israel had launched an attack on Iranian soil.
At the moment, comprehensive details are still scarce; nevertheless, the reported conflict arises after a series of missile and drone strikes that Iran directed at Israel last Saturday. Likewise, crypto prices experienced sharp declines during last weekend's events.
Other major coins, such as Ethereum and Solana, have also witnessed substantial losses over the past few hours, but have since shown signs of recovery.
This ongoing downward trend may dampen enthusiasm surrounding the upcoming Bitcoin halving, an event that occurs approximately every four years and involves a 50% reduction in the BTC reward granted to miners. Historically, this event has been associated with a subsequent rise in Bitcoin's price due to a diminished supply.
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