The cryptocurrency market is experiencing significant uncertainty, driven by geopolitical issues. Bitcoin (BTC) has dropped over 4% in value, while Ethereum (ETH) faces even steeper losses of nearly 14%. Both assets are seeing increased volatility - BTC's implied volatility surged to 45%, and ETH's spiked to 83%. This turmoil has led to a decline in bullish sentiment, with the likelihood of BTC exceeding $200K by year-end now at only 3.5%. Without any clear resolution to the geopolitical tensions, cautious trading positions are expected to persist in the near term.
Amid mounting geopolitical pressure, classic risk-off behavior is observed in cryptos with falling prices, spiking volatility, and a pullback in upside positioning.
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