Summary
- Bitcoin fell 2.97% from a day earlier to trade at $62,984, briefly slipping below $63,000.
- Risk appetite weakened on concerns over additional US strikes on Iran and renewed US-China tensions, pushing Bitcoin below $64,000, according to the report.
- As altcoins including Solana (SOL) and Hyperliquid (HYPE) weakened, volatility across the broader crypto market increased alongside a kimchi premium of -0.48%.
Forecast Trend Report by Period
Bitcoin briefly fell below $63,000.
As of 2:42 p.m. on July 17, Bitcoin was trading at $62,984 on Binance's USDT market, down 2.97% from a day earlier. On Upbit, it was changing hands at 92.87 million won.
Bitcoin weakened on July 17 as concerns over additional US strikes on Iran coincided with fears of renewed US-China tensions. CoinDesk, a crypto-focused media outlet, said risk appetite for risky assets deteriorated after the additional US strikes on Iran, pushing Bitcoin below $64,000.
Comments by US President Donald Trump on China also added to market uncertainty. On July 17, Trump released an intelligence report alleging that China had interfered in the 2020 US presidential election and had obtained records on American voters. China denied the allegations, but markets are watching whether tensions between the two countries could escalate again ahead of a US-China summit in September.
Altcoins were broadly weaker as well. Solana fell below $75, while Hyperliquid extended declines amid exchange deposits from a large wallet and profit-taking pressure. Geopolitical tensions and risk aversion are increasing short-term volatility across the broader digital-asset market.
Meanwhile, the kimchi premium for major cryptocurrencies including Bitcoin stood at minus 0.48% on July 17, according to Cryprice.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.