Bitcoin Drops Below $90K Amid Reports of Explosions in Venezuela

BTC reached $91,000 yesterday but its progress was halted.

Bitcoin’s price recovery was stopped earlier on Saturday morning as the asset dropped from its multi-week peak of $91,000 to under $90,000.

The latest rejection came after reports emerged about several explosions felt across Venezuela’s capital, Caracas, which were linked to potential strikes by the United States.

The cause has not been confirmed yet, but US President Donald Trump has repeatedly warned Venezuela of ground strikes, and deployed a navy task force in the Caribbean. Additionally, the BBC reported that the Trump administration was aware of the explosions today, but there’s no official statement yet.

The CNN added that several areas of the city were left without power after the explosions, and agency journalists said they could hear the sound of an aircraft.

Although the strikes have not been confirmed to be initiated by the US, BTC’s price felt the consequences immediately after the reports started to go live. The asset, which has been prone to experience enhanced volatility in times of attacks between different nations, stood at around $90,500 after it touched $91,000 yesterday.

However, it dumped by over a grand within less than an hour following the first BBC and CNN reports and now sits at $89,500.