Bitcoin Plunges to $64K Amid Middle East Tensions and Fed Rate Uncertainty

Bitcoin's price fell to around $64K on Wednesday due to escalating geopolitical tensions in the Middle East and uncertainty ahead of the Fed rate decision. This drop extends losses from previous days, with almost $56 million in longs liquidated from top crypto assets like BTC, ETH, XRP, WLD, and SPCX in just a few hours.

The Crypto market fear & greed index has dipped to 22 after rebounding from an extreme fear level of 9. Iran's military issued warnings against Israel, threatening a 'harsh response' if they continue strikes on Lebanon. The situation has sparked Middle East tensions and is affecting the global market.

Bitcoin had previously been trading near $65K but dropped to around $63K before rebounding to its current price. Other crypto-linked equities like MicroStrategy, Coinbase, Robinhood, MARA Holdings, Riot Platforms, Iren, Circle, and HIVE Digital have also gained between 4% and 6%