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Crypto Market Reacts to Iran's Attack on Israel. 🔥♨️
The crypto market witnessed a significant downturn in the wake of Iran’s missile and drone strike on Israel. Bitcoin, the leading cryptocurrency, saw a sharp decline of nearly 8%, dragging down other major digital assets like Ethereum, Solana, and Binance Coin.
Friday and Saturday saw heavy liquidations, totaling $16 billion in crypto assets, marking the most substantial selloff in six months. The escalation of tensions in the region, triggered by Iran’s retaliation following a deadly attack in Syria, intensified market uncertainties.
Bitcoin plummeted below $61,900, marking a 7.8% decline, while Ethereum, Binance Coin, and Solana also experienced significant drops of 8%, 10%, and 13%, respectively. However, the market began to recover after an Iranian UN-connected account signaled the end of the attack.
Experts are closely monitoring the situation, suggesting that further selloffs in the crypto market could be contingent on escalating geopolitical tensions. Despite the initial dip, Bitcoin has since recovered to $64,100, though it remains down by 6% within a day and 7.35% over the week.
Despite the turbulence, the 24-hour trading volume of Bitcoin surged by more than 22%, indicating active market participation amidst the geopolitical uncertainty. Investors are advised to stay vigilant and closely follow developments in the geopolitical landscape as they continue to influence crypto market dynamics.
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