Hold onto your hats, folks! Bitcoin has taken a nosedive and the crypto market is feeling the heat. The culprit? Rising tensions in the Middle East.
In the past 24 hours, the total market cap of cryptocurrencies has plummeted by a jaw-dropping 5.2%, now sitting at around $2.75 trillion. Ouch!
The chaos doesn't stop there. Total liquidations in the derivatives market have soared past $500 million, with Bitcoin traders bearing the brunt. But hey, the altcoin market isn't exactly having a picnic either.
Earlier today, Bitcoin's price dipped to a low of $60,170, a level we haven't seen since September 18th. Fortunately, the bulls weren't ready to give up and managed to push the price back up to around $61,500. Phew!
But don't get too comfy. That positive vibe we had at the end of September? Yeah, it's under threat. The reason? Escalating tensions in the Middle East. Iran has fired over 200 ballistic rockets at Israel, most of which were intercepted. Israel, however, has vowed to respond.
With the fear of an all-out war, investors are hitting the panic button, ditching riskier assets like Bitcoin. And guess what? The price of gold is heading north.
In a surprising twist, investors are selling Bitcoin to buy gold. Can you believe it?
Bitcoin isn't alone in its misery. The whole crypto gang is down. Big players like ETH, SOL, XRP, BCH, TON, ADA, and DOT are all taking a hit, dropping between 6% and 10%.
However, SUI seems to be the lone wolf, trading flat for the day. Good for you, SUI!
The biggest loser? Arweave (AR), down a staggering 15.7%, followed closely by Starknet (-14.9%) and Notcoin (-14.4%).
It's going to be interesting to see how these geopolitical tensions play out and what it means for our beloved crypto markets. Stay tuned!
