Bitcoin Rebounds Above $66,000 Amid Reduced Middle East Tensions

By: Eva Baxter

The digital asset ecosystem recently experienced a tumultuous weekend, with Bitcoin plummeting to around $65,000 from its $70,000 trading price on Friday, April 12. Rising geopolitical tensions in the Middle East further pushed the price down to $60,800 on Saturday night. However, Bitcoin has currently recovered above $66,000, signalling a relief in the crypto market.

The sharp price decline was greeted with substantial liquidations. As reported by Coinglass, approximately $880 million and $950 million were liquidated on April 12 and April 13 respectively. This series of events accounted for one of the most significant long liquidation incidents since October.

Notably, the Bitcoin price recovery lacks significant whale participation. Regardless, the market awaits a decision on the approval of Hong Kong Spot ETFs which, if granted, could attract institutional participation and strengthen the ongoing recovery. This decision coupled with reducing international tensions is perceived as a potential stimulus for the crypto asset's value.