The crypto market experienced a significant downturn over the weekend, with Bitcoin dropping below $60,000 for the first time since July 13. Various factors contributed to this decline, including geopolitical tensions in the Middle East. Concerns about potential attacks from Iran and Hezbollah on Israel led to widespread panic selling among investors.

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Bitcoin saw a 10% decrease in value, bringing it down to approximately $55,000. As of the latest check, Bitcoin was trading at $54,348.20, marking a 9.6% drop. According to CoinGecko, Bitcoin’s 24-hour price chart for August 3-4 showed significant volatility.

Total liquidations in the past 24 hours soared to $620 million, with 90% being long positions, as reported by CoinGlass. Ethereum also faced a steep decline, plunging over 12.5% and contributing to more liquidations.

Bitcoin’s Recent Performance

Bitcoin, the world’s largest cryptocurrency by market cap, has experienced a seven-day drop of nearly 16%. This decline is partly attributed to the US government informing the G-7 about a potential strike by Iran on Israel within the next 24 hours. The market reacted swiftly to this news, leading to a sharp sell-off.

Global Politics Impacting Crypto

The escalating conflict between Israel and Hamas has further fueled market instability. These tensions threaten to disrupt trade and impact both domestic and global markets. Additionally, former President Donald Trump’s recent involvement in the crypto space and President Joe Biden’s decision to endorse Vice President Kamala Harris have added another layer of political intrigue. Harris is now reaching out to the crypto community, which has positively impacted her standing in the polls.

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