Bitcoin price fell below $ 8,000 after US President Trump announced his readiness to seek peace with Iran

Bitcoin price today began to level off at $ 8,300, with no sign of further increase. By the time made the post, Bitcoin had dropped below the $ 8,000 support level after U.S. President Donald Trump announced his readiness to seek peace with Iran.

Bitcoin price is closely related to US-Iranian politics

As AZCoin News mentioned, Bitcoin’s price has seen a definite increase after the air attack killed Iranian General. However, after nearly reaching $ 8,400, Bitcoin leveled off and tended to go down.

Concerns about the escalating conflict between the US and Iran are believed to be part of the reason for the high Bitcoin price. And perhaps also because of the latest developments in this war, Bitcoin continues to go down, keeping its “performance” of price reduction. US President Donald Trump has stated that as long as he is President of the United States, Iran will never be allowed to own nuclear weapons. Trump confirmed the US troops were safe, the two bases in Iraq did not suffer much from the Iranian ambush.

He said:

“No Americans were harmed during the Iranian attack last night. We have no casualties. All soldiers are safe and have minimal damage at military bases. US forces have prepared for everything, but for now, Iran seems to be making peace. This is good for all stakeholders and the world.”

Today’s 4% drop shows that speculators – who have been at war with the price of Bitcoin – have decided to make profits when Bitcoin is around $ 8,300. However, this is not bad news since, on January 6, 2020, Bitcoin price has increased by more than 15% with an increase of $ 1,100. As a result, day-traders have also gained significant profits.

Also, Bitcoin has significantly benefited from the current Iranian incident. Especially when the Internet community is looking for Bitcoin keywords 50 times before. As AZCoin News reported, According to data from Google Trends, the level of keyword searches for “Bitcoin Iran” has increased by 4,450% in the past seven days.


Data from Google Trends for the search volume of the keyword “Bitcoin Iran” for the past seven days | Source: Google Trends

Altcoin market struggled to find the direction

Losing the lead of Bitcoin, the altcoin market, as usual, is covered by dull red.

Ether (ETH) continues to sync with BTC. The market’s leading altcoin dropped more than 3% on the day, trading around $ 140. Ether has also gained commendable growth of nearly 8% in the past seven days.

XRP – the third largest currency by market capitalization – also follows today’s downtrend and is currently trading at $ 0.208. XRP also dropped slightly by 3% in the past 24 hours.

The top 10 cryptocurrencies in the market, only Bitcoin SV (BSV), shows the winning green. The coin recorded a slight increase of 2% on the day, trading around $ 115.58.

Next is the top 20 coins in the market with alternating red and green colors. In particular, the most significant increase belonged to Tezos (XTZ), with 4.8% on the day. ChainLink (LINK) and LEO increased slightly, less than 1% in the last 24 hours.


Source: Coin360

Contrary to the three shades of green above are the red candles of Cardano (ADA) and NEO. These two altcoins have fallen more than 5% on the day. However, in terms of growth over the past seven days, both recorded above 7%. Particularly, including Cosmos (ATOM), did not follow the rise/fall of the market. Contrary to other Altcoins, ATOM has dropped by 8% in the past seven days. This proves that the recent increase in Bitcoin price has not affected the coin.

Elsewhere, Monero (XMR) led the way with a nearly 27% increase in the last seven days. Followed by ChainLink (LINK) with a 19% increase for the week.

The total market capitalization of the cryptocurrency market is currently around $210 billion. In particular, Bitcoin Dominance accounts for 68.8%.

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