Bitcoin Drops Below $67K as Iran Tensions Rise
Bitcoin faced a setback at $69,200 yesterday, experiencing a drop toward $66,000 earlier today following Trump’s recent declaration that the conflict with Iran will persist with additional strikes. The altcoins are experiencing a downturn, with ETH falling to $2,050, and both SOL and HYPE seeing declines of more than 5%. XRP has successfully surpassed BNB in market cap rankings.
Bitcoin’s weekly correction kicked off last Wednesday after the asset faced rejection at $72,000, leading to a drop to $65,600 by Friday. Following a steep decline of more than $6,000 in a matter of days, the asset made a notable recovery, stabilizing above $66,000 throughout the weekend. On Monday morning, as some of the legacy financial markets opened, it dipped to a monthly low at $65,000. The bulls have finally taken a stand at this juncture, preventing any further decline. In a surprising turn, BTC managed to regain some momentum, and despite the heightened volatility stemming from conflicting reports regarding the war in the Middle East, it surged to $69,200 yesterday.
However, then came Trump’s anticipated speech, which reports suggested would aim to de-escalate the tension in Iran. However, the reality was just the opposite, as he stated the conflict is likely to intensify and BTC plummeted to just over $66,000, losing $3,000 from yesterday’s peak. Despite regaining some momentum, it continues to trade under $67,000, with its market capitalization now at $1.335 trillion according to CG. Bitcoin’s dominance over the altcoins currently stands at over 56%.
The altcoins are experiencing significant losses on a daily scale as well. Ethereum has seen a decline of more than 3%, currently trading at $2,050. SOL, HYPE, LINK, and AVAX have experienced a decline of 5-6%, whereas BCH, ADA, and DOGE have dropped by approximately 3-4%. XRP has seen a decline of nearly 3%, yet it has successfully overtaken BNB in market capitalization. While there are a few instances of double-digit gains, overall, the green is quite limited today. STABLE and ALGO have surged by more than 19% within a single day. The total crypto market cap experienced a decline of $100 billion from peak to trough, before making a recovery to reach $2.380 trillion at this moment.
