Bitcoin price drops below $60,000 overnight - but recovers quickly

The Bitcoin price falls south overnight, but recovers quickly. The reason is the intensifying conflict in the Middle East.

On the night of April 18-19 declined the Bitcoin price briefly dropped below $60,000. According to data from Coinbase, the leading cryptocurrency was trading at $59,573.

As BTC falls below $59,000, long positions worth about $243 million will be liquidated, according to data from Coinglass.

Shortly after the sell-off, however, the BTC price shot back up to over $62,000. With a gain of 0.76 percent per 24 hours, Bitcoin is trading at $62,143 at the time of writing.

Source: CoinMarketCap

As BuyBitcoinWorldwide shows in a index, Bitcoin's current volatility is 2.31 percent. This means that BTC's price fluctuations are at a moderate level. By comparison, in 2012, volatility was 15 percent.

The reason for the price drop was likely the intensifying conflict in the Middle East. As Bloomberg reports, Israel attacked targets in western Iran.