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The Bitcoin price drops again today to $75,000. As recently as last weekend, new hope emerged in the crypto market. Due to the uncertain future of the Iran war, the euphoria is already crumbling.
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Bitcoin Price Drops to $75,000: Here’s Why Fear is Growing
The Bitcoin price is currently in a renewed downturn. In the early hours of this morning, the largest cryptocurrency fell to a market value of around $75,000. According to CoinMarketCap, BTC reached a low of $75,204 around 6:35 AM.
- Bitcoin
(BTC) - Price $74,857.00
- Market Cap
$1.5 T
Bitcoin’s price movements are currently negative in both the daily and weekly trends. Since yesterday, the cryptocurrency has lost 1.55 percent of its market value. In the weekly trend, losses total -2.13 percent.
After a brief recovery over the weekend, Bitcoin is therefore crashing again. As recently as Monday, the cryptocurrency approached the $78,000 mark. BTC thus sets a general trend for the crypto market, which is currently largely in the red.
According to data from CoinMarketCap and CoinShares, fear in the crypto market is currently increasing significantly. Due to dwindling hope, market values are decreasing across the board.
The cause of the misery is an unclear situation surrounding the Iran war. On Saturday, Trump announced on Truth Social that an agreement with Iran was almost complete. Meanwhile, peace negotiations are again considered to have failed.
Iran War Ends Optimism in Crypto Market
According to CoinShares, the uncertainty about the future of the Iran war is even ending several weeks of optimism in the crypto market. Crypto investment products have therefore recorded significant outflows over the past two weeks.
“Cumulative outflows over the two weeks now amount to $2.54 billion – an indication that risk-averse sentiment has deepened and broadened in the wake of the Iran crisis, despite ongoing CLARITY Act negotiations,” CoinShares wrote in an email to CoinPro.
Sentiment is particularly pessimistic in the US market. This accounted for approximately $1.4 billion of the outflows. Pessimism in the Swiss and Canadian markets is significantly lower. German investors even remain unimpressed. The situation in Germany is neutral.
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