On another saturday night filled with excitement and sorrow for Bitcoin traders, the cryptocurrency’s value dropped an additional $5,000, reaching a new low of approximately $61,000 over the past few weeks.
An alternate option could be: The prices of lesser-known cryptocurrencies took a significant hit, plummeting by double digits in many cases. The primary cause of this market downturn was the increasing geopolitical conflict between Iran and Israel.
BTC’s Rollercoaster Continues
Within the past two days, Bitcoin’s price remained stable above $70,000 and even attempted to rise above $71,000, but it was unsuccessful. However, the situation took a turn for the worse on Friday evening when representatives from the US Federal Reserve announced that they have no intentions of reducing interest rates in the near future.
Within just a few minutes, the value of the leading cryptocurrency plunged between $5,000 and $6,000, reaching a new level of $65,000. It’s worth noting that nearly all financial markets experienced a decline on Friday, with gold losing approximately 4% of its value as well.
On Saturday morning, Bitcoin regained some lost ground and reached a peak of around $67,000. But, the worsening situation between Iran and Israel caused significant turmoil in the markets, leading to another sharp drop in Bitcoin’s price.
Today, the value of the asset dropped to a nearly three-week low of around $61,000 on Bitstamp, resulting in over $700 million in liquidations. It has since rebounded, currently hovering above $64,000. However, potential risks persist as it is the only market active for trading at this time.
The market value of the company has dropped around $130 billion since last Friday, leaving it at roughly $1.27 trillion. Meanwhile, its control over the alternative assets has grown by nearly 2% during this period.
Alts Were Battered
When Bitcoin experiences significant downturns, it’s common for other cryptocurrencies to follow suit and experience even greater declines. For instance, over the past two days, many altcoins have seen particularly sharp drops.
Despite some bouncing back, the market remains harsh for a second consecutive day. The graph illustrates numerous double-digit price decreases. Notably, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB, DOT, and Ethereum are still significantly in the red.
On Friday morning, the overall value of the crypto market stood at roughly $2.8 trillion. By yesterday evening, however, this figure had dropped to approximately $2.330 trillion. Since then, there has been a recovery of around $100 billion. Nevertheless, the market value is currently 5% lower than it was on that day.
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2024-04-14 09:14