Breaking: Bitcoin Crashes Below $100K As Odds Of Iranian Retaliation Rise To 66%
Highlights
- Bitcoin price has tumbled below $100K for the first time in over 30 days.
- The prospects of an Iranian retaliation is triggering the slump for Bitcoin.
- Polymarket places the odds of an Iranian response at 66%.
Bitcoin price is under threat from fresh geopolitical pressures, with the chances of an Iranian retaliation against the US surging to 66%. The flagship cryptocurrency has traded above $100K for over 40 days, but the US-Iran conflict is sending prices to new lows.
Bitcoin Slips Below $101K Driven By Fears Of An Iranian Retaliation
According to CoinMarketCap data, Bitcoin price has taken a major hit over the last day, with prices spiralling below $100K. Per the data, the price of the flagship cryptocurrency sits at $99,666, slipping below the $100K psychological level for the first time in over a month.
Investors have their eyes peeled on the charts, as the Bitcoin price continues to show signs of bearishness. The last time Bitcoin traded below $100K was in early May, with the asset surging to set a new all-time high of $111,970.
In the last seven days, Bitcoin has lost nearly 5% in fresh geopolitical pressures from the Israel-Iran conflict. While prices largely held steady over the week, the US bombing of Iran’s nuclear facilities has stoked tensions to a fervent pitch.
Cryptocurrency prices fell in the aftermath of the US airstrikes against Iran, but fears of retaliation have surged. US cities are on high alert as intelligence reports suggest an imminent retaliation by Iran’s military.
Polymarket pegs the odds of an Iranian retaliation by Monday at 66% as punters jostle for position. Recently, Iran’s parliament has voted to close the Strait of Hormuz, a key shipping route, in a move that will have far-reaching consequences on global oil prices.
Rest Of The Markets Record Steep Decline
Amid Bitcoin’s decline, Michael Saylor has hinted at yet another Strategy BTC purchase. The Strategy founder is remaining unfazed by geopolitical tensions and is committed to adding more Bitcoin to the company’s balance sheets.
The rest of the cryptocurrency markets are recording a similar decline, with Ethereum losing 9.20% over the last day. XRP and BNB have lost 8% and 4% respectively, while Dogecoin and ADA are at the brink of double-digit percentage losses.
High-risk cryptocurrency trader James Wynn predicted that the crypto markets will nuke, extending his short position on the flagship cryptocurrency.
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