Key Points
- Bitcoin’s price recovers following a selloff during the weekend, just four days ahead of the halving event scheduled for April 20.
- The markets saw huge volatility the past two days as investors digested a potential military escalation in the Middle East.
Bitcoin‘s price seems on the path to recovery, following a sudden drop amidst the weekend selloff. This was triggered by news of an Iranian attack against Israel.
The crypto market index has bounced back approximately 5% in the past 24 hours. The selloff was a rapid response to the news of the attack, which Israel claims to have successfully deterred.
Iran launched attack drones and missiles against Israel in an apparent retaliation for a strike in Syria that killed important Iranian military officers. This took the conflict in the region into a dangerous new phase, according to reports from Bloomberg.
The publication noted that the selloff we witnessed during the weekend was an indication of the huge market volatility as investors were digesting the possibility of a military escalation in the Middle East.
Bloomberg cited David Lawant, Head of Research at FalconX, who stated that more investors than usual could choose to express their market views via crypto.
Iran’s actions took place while most markets were closed, and crypto traders were among the first to react to the major geopolitical event.
Bitcoin price rebounds following the weekend selloff
At the moment of writing this article, Bitcoin is trading above $66k, up by almost 3% in the past 24 hours on CoinMarketCap.
Hong Kong approves first batch of BTC and ETH ETFs
Today, the crypto industry received optimism from Asia as Hong Kong has reportedly announced the approval of the first batch of Bitcoin and Ethereum ETFs.
According to the latest reports coming from Shanghai, Reuters, Hong Kong’s securities regulator just approved the first spot Bitcoin and Ethereum exchange-traded funds.
The move is marking an important milestone for Hong Kong on the path to becoming Asia’s first city to accept popular crypto products as a tool of mainstream investment.
Hong Kong’s decision comes about three months after the US SEC’s approval of the first BTC ETFs in the country, a move that triggered huge investment opportunities.
Bitcoin is now 4 days and a few hours ahead of the halving event scheduled for April 20.
Since the halving event happens every 210,000 blocks, the next Bitcoin halving is expected to occur when the block height reaches 840,000.
During a recent interview with Bloomberg, Marathon Digital Holdings Inc., CEO Fred Thiel said that Bitcoin’s halving rally is partially priced in.
