Weekend Crypto Market Volatility: Bitcoin and Altcoins React to Geopolitical Tensions
On Saturday, the values of various cryptocurrencies, such as Bitcoin and Ethereum, experienced significant declines.
This decline coincides with reports from the Israeli military regarding an attack by Iran involving numerous drones directed toward their territory.
More than 300 drones and missiles were detected flying over the neighboring countries of Iran, including Jordan and Iraq, where US military installations are located.
These aerial objects eventually breached the airspace of Israel, a nation considered to be Iran’s archenemy.
Despite efforts by Israel’s allies to intercept the majority of these weapons, they were unable to avert what had long been feared as a potential doomsday scenario in the Middle East: Iran’s inaugural attack on Israel.
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Bitcoin, which had reached a peak of approximately $68,000 earlier the same day as the attack, plummeted below $62,000 in less than an hour, which represents a notable decrease of nearly 8%.
Similarly, Ethereum has seen a decline of almost 10%, dropping below $3,000. Other tokens like BNB and Solana have also witnessed double-digit percentage decreases.
The entire cryptocurrency market cap experienced a 9% drop that day. However, prices began to recover as Bitcoin is trading at over $64,000 at the time of writing, while Ethereum is priced at $3,100.
The whole market’s total cap is currently $2.34 trillion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
