There has been remarkable activity in the cryptocurrency markets in the last few hours.
Bitcoin has shown a strong upward trend towards the $70,000 mark amid increasing volatility in global financial markets.
The largest cryptocurrency, which fell to levels as low as $63,000 over the weekend, rose by up to 6% today, reaching $69,615.
Rising geopolitical tensions were the main factor determining market direction. Following the US announcement of its bombing campaign against Iran, sharp selling pressure was seen on Saturday, while a cautious recovery in risk appetite occurred after news of the assassination of Iran’s religious leader, Ayatollah Ali Khamenei. Crypto assets reacted instantly to developments due to their 24/7 trading over the weekend.
In line with Bitcoin’s rise, Ethereum also gained over 6%, reaching $2,070. Lower-liquidity altcoins also saw upward movements.
The price of $BTC has risen by 1.22% in the last hour.
On the other hand, risk perception in global markets presents a complex picture. Conflicts in the Middle East have driven up oil prices, increasing concerns that inflation could accelerate again. This development has led to selling pressure in bond markets, while investors have withdrawn their expectations for interest rate cuts. The dollar and gold rose, while stocks tried to limit their losses.
While Bitcoin could gain new momentum if it technically surpasses the $70,000 level, geopolitical developments are expected to keep volatility high in the short term.
With the recent volatility, the cryptocurrency market has seen $465 million in liquidations in the last 24 hours. Of this, $234 million was in long positions.
