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Bitcoin price saw a more than 3% fall on Monday amid panic selling by investors ahead of a major macro week in the United States and geopolitical tensions in the Middle East. The crypto market saw $200 million in crypto liquidations, with nearly $150 million in long liquidation. Major altcoins are comparatively showing stronger resistance to fall amid altseason sentiment. Why Bitcoin Price Is Dropping Today Bitcoin bulls are losing hold against bears as Bitcoin price dropped more than 3% to a low of $63,249 today. The initial panic selling came after the Japanese Nikkei 225 index slid nearly 5% as upcoming Prime Minister Shigeru Ishiba called for elections in October end. Japanese yen strengthened and Japanese government bonds jumped on the news. The overall sentiment remains strong as the Crypto Fear & Greed Index stays in “greed” at 61 today. Bitcoin price falling sharply also triggered speculation of altseason as top altcoins such as ETH, SOL, and XRP prices dropped just over 1%. Also, Israel killing Hezbollah leader Hassan Nasrallah has sparked tensions in the Middle East. Israeli military continues airstrikes in Lebanon while Israel Defense Forces (IDF) special forces raids in Hezbollah tunnels. They also claimed to have killed Fateh Sherif, head of the Lebanon Branch of the Hamas terrorist organization, in an airstrike. 🔴 Fateh Sherif, Head of the Lebanon Branch in the Hamas terrorist organization, was eliminated in a precise IAF strike. Sherif was responsible for coordinating Hamas’ terror activities in Lebanon with Hezbollah operatives, as well as Hamas’ efforts in Lebanon to recruit… pic.twitter.com/nEwIdOnp6o — Israel Defense Forces (@IDF) September 30, 2024 Heavy Macro Week in the US Sparks Selloff The week will see major U.S.-related macroeconomic events, starting with US Federal Reserve Chair Jerome Powell due later today. It will follow JOLTs job opening…

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Filed under: News - @ September 30, 2024 3:23 pm