Bitcoin and Ether Prices Surge as Market Calms Amid Geopolitical Tensions; ETF Launch in Hong Kong Anticipated
Crypto News – Bitcoin‘s value soared above $65,000, with Ether also reclaiming the $3100 mark as market volatility subsided after Iran’s attempted drone and missile attack on Israel, largely intercepted by air defense systems.
Over the weekend, Bitcoin briefly dipped below $62,000 as geopolitical tensions rattled markets. However, with the United States ruling out involvement in any Israeli retaliation against Iran, fears of further escalation have eased, according to Al-Jazeera.
Traders on Polymarket have slashed the probability of Israeli military action against Iran by April 15 to just 4%, a significant decrease from the initial estimate of nearly 57% immediately following Iran’s missile attack.
During the peak of tension, PAXG, a tokenized gold digital asset from Paxos, traded at a 20% premium compared to its physical counterpart as crypto investors sought refuge in the safety of gold.
Prior to the geopolitical turmoil, the digital asset market had already been facing significant selling pressure due to the U.S. tax season coinciding with the lead-up to the halving event.
Arthur Hayes highlighted in a blog post the impact of the halving occurring amidst tighter-than-usual dollar liquidity, exacerbating the ongoing sell-off of crypto assets.
Furthermore, traders are eagerly anticipating the potential launch of Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong this week. This development could provide Chinese traders with easier access to digital asset exposure, with Matrixport estimating a potential demand surge of up to $25 billion.
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