Drone Attack Targets Iran
Following Iran’s drone attack on Israel on April 13, the cryptocurrency market experienced a significant reaction. Bitcoin (BTC) saw a drop of over 8% in value, trading at $61,514.
This decline is part of a larger trend that began on April 12 and worsened the following day. Analysts estimate that over the course of two days, the crypto market liquidated more than $860 million in assets. Initially, the price of Bitcoin fell from $71,000 to $65,000, and then dropped further to the $61,000 level.
Market observers attribute the first drop to news from the U.S. Federal Reserve, which indicated that it was not rushing to lower interest rates. This decision is based on concerns about persistent inflation levels, which are causing unease domestically and affecting global policy expectations.
The second drop was a result of escalating tensions between Iran and Israel. Crypto traders were the first to react to this news since traditional financial markets were closed for the weekend.
As of the latest update, Bitcoin is trading at $64,123, which represents a 5% decrease from 24 hours ago. Over the past seven and 14 days, the losses amount to 7.5% and 8.6% respectively. In the past month, the price has dipped slightly over 6%.
Although Bitcoin is currently down 13% from its all-time high of $73,798 in March, it is still more than double its value from a year ago.
Experts from QCP have noted that Iran’s attack on Israel has instilled fear in the market. Ethereum (ETH) also experienced a decline, dropping to $2,850, while other cryptocurrencies saw average decreases of 20-30%.
According to CoinGecko, among the top 100 largest cryptocurrencies by market capitalization, only the Leo token (LEO), Bittensor (TAO), Celestia (TIA), and Wormhole (W) saw gains in the last 24 hours.
The crypto data aggregator also reported that the sector’s total market cap dropped by 5.2% to $2.43 trillion following the events of April 13.
Despite the market downturn, some analysts consider this drop to be a normal occurrence. Benjamin Cowan, the founder of Into The Cryptoverse, pointed out that similar drops have been seen in the crypto market before. Meanwhile, MicroStrategy’s Executive Chairman Michael Saylor reiterated his belief that chaos is beneficial for Bitcoin.
In other news, Edward Snowden has expressed no concern about the drop in Bitcoin prices. Follow us on Google News for more updates.
