After the Iranian drone attack on Israel on April 13, the crypto market reacted; Bitcoin (BTC) fell more than 8% from its value to trade at $61,514.
The latest correction marks the continuation of a trend that began on April 12 and which worsened the following day.
Analysts estimate that the crypto market liquidated over $860 million in assets in two days; Bitcoin price initially fell from $71,000 to $65,000 and then fell even further to the $61,000 level.
Market watchers suggested the first drop was due to news from the US Federal Reserve, which indicated it was in no rush to cut interest rates.
This position is driven by sticky inflation levels, which cause unease domestically and influence expectations for policy adjustments globally.
The second decline was driven by growing tensions between Iran and Israel, with crypto traders the first to react to the news since traditional financial markets closed for the weekend.
Bitcoin, at last check, is trading at $64,123, which is still 5% lower than 24 hours ago. Over periods of seven and 14 days, the loss is 7.5% and 8.6%, respectively. Over 30 days, the price drop amounts to just over 6%.
The world’s largest cryptocurrency by market capitalization is also down 13% from its highest price ever, which was $73,798 in March, but is still more than double what it was. was a year ago.
QCP experts said that the Iranian attack on Israel has caused a lot of fear in the market. Ethereum (ETH) fell to $2,850 and other cryptocurrencies fell 20-30% on average.
According to CoinGecko, among the 100 largest cryptocurrencies by market capitalization, only Leo (LEO), Bittensor (TAO), Celestia (TIA), and Wormhole (W) tokens have made gains in the past 24 hours.
The crypto data aggregator also reported that the sector’s total market capitalization fell 5.2% to $2.43 trillion after April 13.
But despite all this, some analysts believe that this decline is normal.
Benjamin Cowan, founder of Into The Cryptoverse sharp that the crypto market had already seen similar declines. Meanwhile, Michael Saylor, executive chairman of MicroStrategy, reiterated his now-famous phrase that chaos was good for Bitcoin.
