Bitcoin Price Dips Below $60,000 Ahead of Halving Amid Geopolitical Tensions

Bitcoin experienced another downturn, dropping below $60,000 just before the anticipated halving event. The cryptocurrency value fell to $59,573 at Coinbase, marking a significant decline from its recent high of $73,737 a month ago.

This recent slide adds to Bitcoin ongoing losses, with a weekly drop of nearly 14%. Despite a slight rebound to $60,945, the price remains down by over 1% in the last day, plummeting from over $63,000 to under $60,000 in a span of two hours.

The decline coincides with reports of explosions near an Iranian military base, suggesting escalating geopolitical tensions. Details are scant, but the incident follows Iran missile strikes on Israel last Saturday, which also caused a dip in crypto prices.

The downward trend extends to other major cryptocurrencies like Ethereum and Solana, although they are showing signs of recovery. This recent downturn may temper excitement surrounding the impending Bitcoin halving, which historically triggers a supply shortage and subsequent price increase.

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