Coin Edition -
- Bitcoin tanked to about $60,900 from about $68K, shredding above 10.3% within the past day.
- Solana, XRP, and ADA witnessed more substantial losses that exceeded 20%.
- Mike Novogratz said following the recent risk flush, Bitcoin will resume its trend higher.
The crypto market witnessed a bloodbath within the last 24 hours, with Bitcoin tanking to about $60,900 from the intraday high of $67,900. While the $7,000 BTC shredded amounted to a 10.3% decline, the broader market witnessed more staggering losses.
In particular, cryptocurrencies like Solana (SOL), XRP, and Cardano (ADA) have witnessed more substantial losses exceeding 20% as Bitcoin retested the $60K threshold. This unexpected bearish market condition has sparked various speculations about its cause by the crypto community.
Notably, the prevailing view suggests that the market tanked in response to the growing global conflict, particularly between Iran and Israel. Billionaire Bitcoin investor Mike Novogratz, CEO of Galaxy, expressed this view in a recent post on X.
Novogratz emphasized that wars have significant monetary and economic implications. He expressed sadness about the current outbreak and urged global leaders to prevail on the situation.
While the billionaire investor sincerely hopes the global conflict does not escalate further, he voiced optimism about Bitcoin’s capacity for a significant rebound. In particular, Novogratz stated that following the recent “risk flush” from the crypto market, Bitcoin “will resume its trend higher.”
Wars cost $$$…. Praying we don’t get a bigger one but after the risk flush, $BTC will resume its trend higher. I pray cool heads prevail and this is not the start of a major regional conflict. There are so many good things going on in the mid east, it’s just tragic that…— Mike Novogratz (@novogratz) April 13, 2024
Crypto investor Mike Alfred expressed agreement with Novogratz’s view, acknowledging the possibility of Bitcoin’s rebound. Within the last few hours, BTC has experienced a notable price recovery, rebounding to above $65K following the retest of the $60K threshold.
In a separate conversation, Alfred narrated the case of an investor who hastily sold his Bitcoin at $61,600 amid the crash. Per the revelation, the individual considered Iran to be “very serious about destroying Israel,” projecting a potential global nuclear warfare. So, he sold his Bitcoin. However, with BTC rebounding to $65,000, the investor finds himself once again in a state of anxiety.
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