Bitcoin fell more than 7% at one point, with $780 million in bullish cryptocurrency bets being liquidated

Bitcoin has experienced the largest drop in over a month in the past week, leading to the liquidation of speculative cryptocurrency positions. At the same time, bullish cryptocurrency bets worth about $780 million have been liquidated in the past 24 hours. Due to escalating geopolitical risks, investors are turning to safer assets such as bonds and the US dollar, causing risk assets like Bitcoin to be abandoned. Bitcoin has still risen by 60% this year, partly due to the upcoming halving event. However, investors are feeling nervous about the uncertainty before the halving. The implied volatility of Bitcoin options has increased, indicating a decrease in market participants' confidence in the price direction