Bitcoin and other cryptocurrencies tumble amid Middle East tensions (2024)

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Bitcoin and other cryptocurrencies tumble amid Middle East tensions? ›

Digital coins were some of the only risk assets trading over the weekend and the fall was seen as an initial reaction to the escalation of Middle East tensions. Bitcoin had been trading at around $70,000 on Saturday evening but plunged to below $62,000, according to data from the Bitstamp exchange.

The crypto market is down today as U.S. macroeconomic headwinds and a harsher regulatory stance from the SEC impact investor sentiment.

However, some experts have offered bold projections. Cathie Wood, the founder, chief executive officer, and chief investment officer of ARK Invest, believes that Bitcoin could be worth $1 million per coin before 2030, as adoption by institutional investors increases.

“Looking into 2024 and beyond, I'm personally very long-term bullish on bitcoin,” Sciberras says, citing the macroeconomic backdrop, April's halving event and the improved development of scalability within the Lightning network as well as BTC spot ETFs.

Factors Behind the Decline

The market has been stagnant for weeks, with little upward movement. However, today's fall was triggered by new regulatory concerns in the crypto market. A decrease in Bitcoin Futures ETF and exchange inflow has further dampened investor sentiment, leading to bearish conditions.

Bitcoin took a sharp tumble on Saturday amid a frightening uptick in geopolitical tensions. Following news that Iran's fundamentalist rulers had launched a massive air attack on Israel, the price fell from around $70,000 to $62,000—a more than 10% drop—while some altcoins plunged 15% or more.

The decline is linked to multiple factors. One is the fact that traders are beginning to take profits off the table, while the other is uncertainty about when interest rates will be cut in the US. Bitcoin has suffered a sharp pullback from record highs.

Who owns the most Bitcoin in the world? The top Bitcoin holder is still believed to be Satoshi Nakamoto, the anonymous creator of Bitcoin, who reportedly holds around 1.1 million BTC across many wallets. Despite this large holding, the top 10 holders collectively only possess about 5.5% of the total Bitcoin supply.

How much will $1 Bitcoin be worth in 2025? ›

If Bitcoin continues this pattern into 2030, the price could peak around 2029 or 2030. If Wood is correct and Bitcoin reaches $3.8 million, if you invested $1,000 in Bitcoin now, it would be worth $54,280 in 2030. This would result in a compounded annual growth rate (CAGR) of nearly 95%.

$COINDEX can become the next 1000x crypto due to the high annual yield it provides token holders. Through the newly launched smart contract, one can stake $COINDEX and generate a high annual yield.

In 2021 the price soared by more than 700% in 12 months to a record high of $69,000 in November. It certainly seemed like bitcoin's bubble had burst as investors have lost confidence in the crypto sector. It is uncertainty over the future of bitcoin which caused prices to crash in 2022.

By the end of 2030, the predicted Ethereum price could soar to a peak of $26,575.21. The current price of 1 Ethereum is $ 3,009.83096546.

Daily Bitcoin (BTC) Price Prediction For Today, Tomorrow, this Week, and Next 30 Days. Based on your price prediction input for Bitcoin, the value of BTC is projected to increase by 5%, potentially reaching $ 65,200.40 in the next 30 days.

The crypto market has recently shown signs of recovery, with Bitcoin reaching higher highs than anticipated in the short term. This followed the announcement that the inflation rate in the United States of America was slowing.

Thinking about investing in the popular cryptocurrency? A recent report predicts that Bitcoin will reach a new all-time high in 2024. Bitcoin (BTC) is expected to reach a new record of $88,000 (€82,000) throughout the year, before it settles around $77,000 at the end of 2024, according to a new report.