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In times of geopolitical instability, historically, Bitcoin (BTC) has seen significant volatility as investors of the financial markets shift their liquidity towards safer assets — including riskier cryptocurrency assets.
What you'll learn 👉
Russia-Ukraine Invasion
Russia invaded Ukraine on Feb. 24, 2022, when BTC price was roughly $39,000 — down from around $44,500 just a week prior. The downturn stemming from the impending invasion of Ukraine posed aversion to risk and uncertainty among investors.
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By March 1, 2022, BTC price had recovered almost completely back to around the $44,000 mark. Following the peak of volatility, BTC price saw an uptrend towards $48,000 at the end of March, 2022, only to steadily collapse through the year — beginning 2023 at around $16,600.
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Show more +Israel-Palestine
Hamas attacked Israel on Oct. 7, 2023, when BTC price was roughly $28,000. In contrast to the Russian invasion of Ukraine, BTC price fell less than 6% to roughly $26,500 over the following five days.
By Oct. 25, 2023, BTC price reached $35,000 only to stumble almost 5% by Oct. 27, 2023, when Israel invaded Gaza. Starkly different to the price volatility of 2022, BTC price broke $40,000 by early December 2023, and went on to break above $73,000 for the first time on March 12.
![](https://captainaltcoin.com/wp-content/uploads/2024/04/image-701.png)
What to Expect
In light of the retaliatory attack on Israel by Iran — BTC price crashed from highs of $67,000 just two hours ago to current lows of $62,000 at the time of writing.
As geopolitical tension escalates — Israel expects Iran’s salvo to hit by 23:00 GMT — market risk asset sell-offs are likely to continue, as liquidity seeks safer havens as a store of value.
However, interestingly gold — typically considered a safer store of value — has witnessed a sharp downturn in price, losing around $100 per ounce within the last five hours. Besides, this downturn could be indicative to a more widespread sell-off as investors move away from multiple asset classes or recoup losses.
![](https://captainaltcoin.com/wp-content/uploads/2024/04/image-702.png)
Potentially the result of a panic response to immediate global economic implications, the months ahead now look to be setting up a bleak outlook of a bearish start to the summer.
Less than a week away from the Bitcoin 2024 halving event — with many miners preparing to have their earnings cut in half — the timing of this geopolitical event makes for the perfect cryptocrash storm ahead.
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