Bitcoin experienced a sharp decline after surpassing the $70,000 level. The increasing tension in the Middle East negatively affected the world economy and caused cryptocurrencies to lose value. Ethereum and Solana also experienced a loss of value in parallel with Bitcoin.
Following the recent major Bitcoin conference and Donald Trump's speech, Bitcoin and other cryptocurrencies had a promising start to the week, with Bitcoin surpassing $70,000. However, after this rise, the market suddenly reversed and cryptocurrencies experienced a serious decline. This decline was not limited to cryptocurrencies only; The world economy was also negatively affected.
Tension in the Middle East is seen as one of the main reasons for this sharp decline in the markets. High stress and war unrest in the region affected all financial markets. Even the news that the USA could cut interest rates in September and thereafter could not stop this decline. The fact that Bitcoin has moved away from its all-time high (ATH) by approximately $ 13,000 raises concerns that the decline may deepen further.
What is the Price of Bitcoin?$BTC
The price of Bitcoin dropped to $60,500 in the morning due to the uncertainty in the market. It is currently trading at $61,682, reflecting a 3.86% decline over the last 24 hours. Bitcoin's market value faces the possibility of falling below $1.2 trillion for the first time in a long time. However, investors who wanted to minimize their losses tried to partially balance this situation by increasing the transaction volume of Bitcoin. Transaction volume increased by 17.63% in the last 24 hours, reaching 44.9 billion dollars.
Ethereum and Solana Status$ETH
Ethereum dropped below $3,000 for the first time in 25 days. Currently trading at $2,972, ETH lost 5.47% in the last 24 hours. Ethereum's transaction volume increased by 25% to 22.5 billion dollars.
Solana (SOL) experienced a steeper decline compared to its competitors. The price of SOL dropped to $151 following a 6.5% decline. The weekly decline rate exceeded 17%.
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