The crypto market is taking a hit, with the BTC/USD pair sliding to the token level of $66,000 following urgent geopolitical unrest in the Middle East. As expected, Peter Schiff reappeared to confirm to everyone that Bitcoin is doomed, in a scene that constantly repeats itself without change.
The recent sell-off comes at a time when Bitcoin exchange-traded funds (ETFs) in the United States continue to hemorrhage capital, with these funds seeing weekly outflows of $1.67 billion, with total outflows exceeding $4 billion in recent weeks.
This shift has become one of the biggest obstacles Bitcoin currently faces; It appears that institutions are moving toward rotating their investments into artificial intelligence, defense, and energy stocks, or simply preferring to keep their cash in high-yielding Treasuries as uncertainty increases. Even Warren Buffett has stated that he has a mountain of cash, considering that the markets have become very close to a gambling environment.
However, Bitcoin has visited the $66,000 zone several times this year, and each previous test of this level attracted buyers and was followed by a rebound towards the $70,000 levels and above.
Iranian Escalation Pushes Bitcoin to $66,000 and Peter Schiff Waits
The decline accelerated after Iran launched missiles and drones at targets in Kuwait and Bahrain, damaging infrastructure and disrupting air traffic. US Central Command intercepted part of the attack as tensions rose with Washington following the failure of recent peace talks.
The market reaction was exactly as expected; As oil prices rose, investors sought safe havens, while high-risk assets were at the forefront of those hit by selling pressure.
Peter Schiff, a fierce Bitcoin critic, wasted no time in launching a new bearish forecast, noting that a breakdown of key support levels could eventually push the price below $50,000 and even below the $20,000 barrier.
Although his warnings make headlines every price cycle, his critics point out that he has been predicting Bitcoin’s collapse for more than a decade, while the asset has repeatedly recovered from much worse declines.
In contrast, Brian Armstrong, CEO of Coinbase, described the current sell-off as temporary, maintaining his long-term optimism that Bitcoin could eventually reach seven-digit numbers.
Trump, Iran and market uncertainty
Geopolitical tensions remain the dominant subject. For his part, President Trump called reports of a cessation of communications between the United States and Iran “fake news.”
However, the contours of a possible peace agreement remain unclear. If the escalation continues, cryptocurrencies could face additional volatility, alongside stocks and other risky assets, even as stocks reach successive all-time highs.
Among the notable trends in the recent panic wave is the increase in demand for stablecoins and digital dollars, as crypto holders seek refuge without completely leaving the digital asset ecosystem.
In fact, the $66,000 Bitcoin scene looks negative and the markets are reminding everyone of their volatile nature.
Funding outflows, geopolitical risks and fears of economic recession are currently creating a difficult situation. But Bitcoin has already survived wars, banking crises, platform collapses, pandemics and countless obituaries written by its detractors.
The near-term outlook remains volatile, but Bitcoin continues to gain adoption at a faster rate than fear is driving away investors. I am always optimistic.
The post Bitcoin Falls to $66,000 Amid Geopolitical Tensions appeared first on Cryptonews Arabic.
