111/section 27 a
During the night between Saturday and Sunday, when Iran attacked Israel with a swarm of missiles and anti-aircraft missiles, the price of Bitcoin fell sharply towards $61,500. The price has fallen by more than 15% in the last week. As of writing these words, the price has recovered slightly, and Bitcoin is trading at -$64,300 per currency.
It is not possible to directly link the drop in the price of Bitcoin to the Iranian attack, but many analysts attribute importance to the fact that the crypto market in general and Bitcoin in particular are traded 24 hours a day and are considered volatile, therefore geopolitical events and warming in the Middle East could have been the trigger for that volatility and declines price, while the rest of the markets are closed for trading.
In the last day alone, the value of the entire crypto market fell by 4.65%, to a value of 2.43 trillion dollars. Many leveraged traders were forced to close out their leveraged positions, which explains the sharp price movements, caused by an event The liquidation (Liqidation) of positions worth close to a billion dollars.
Prices of other alternative currencies plunged even more sharply, in parallel with the dominance of Bitcoin, which measures the relative share of Bitcoin in the total market, which rose sharply by more than 20%. When it traded yesterday at $2,850 per coin. As of writing these words, it has recovered slightly and is trading at a price of $3,080. The Solana coin also fell sharply, and from the beginning of the week it fell from a price of 184 dollars to 116 dollars, but is currently trading at a price of 142 dollars per coin.
The crossing event is approaching
Despite the price drops, which are not an unusual event in the cryptocurrency market, which is considered to be particularly volatile, the Bitcoin crossing is approaching, and there is nothing that can stop it.
In a few days, on April 19th (approximately), the fourth bitcoin crossing event will occur, where the amount of coins added to circulation is cut in half, from 6.25 new bitcoin coins in each block, to 3.125.
The event is considered a significant milestone in the history of the young currency, and symbolizes 16 years of its existence.
Compared to Bitcoin, the official rate of the Iranian Rial is also at a low, and this month crossed 2.5 billion Rials per currency, when in practice, the rate on the free market is more than 4 billion Rials per currency.
Iran, which launched drones and missiles at Israel on Saturday night, did so as a response to the assassination carried out by Israel several days before, in which Israel attacked a compound in Damascus in Syria and killed seven Iranians, including two generals.
In addition, apart from the airstrikes, 99% of which were intercepted, According to the reports, the Iranian authorities have seized a ship owned by an Israeli billionaire.
The exchange rate of the Iranian currency, along with its economy, has reached a low point. The riyal has weakened against the dollar by almost 30% in the last three months. As of writing these words, the Iranian Rial is trading at a low against the dollar (more than 67,000 Rials to one dollar).