- April 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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Impact of Iran Drone Attack on Crypto Market
After Iran’s April 13 drone attack on Israel, the crypto market reacted strongly. Bitcoin (BTC) took a hit, dropping more than 8% from its value to trade at $61,514.
This drastic correction marked the continuation of a trend that began on April 12 and worsened the following day, leading to significant losses for investors.
Analysts estimated that the crypto market liquidated more than $860 million in assets over the span of two days. The price of Bitcoin initially fell from $71,000 to $65,000, and then plummeted even further to reach the $61,000 level.
Market watchers attributed the initial drop to news from the U.S. Federal Reserve, which indicated a reluctance to reduce interest rates. Ongoing concerns about sticky inflation levels domestically and globally have influenced these policy decisions.
The subsequent drop was directly linked to escalating tension between Iran and Israel, prompting swift reactions from crypto traders since traditional financial markets were closed for the weekend.
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Currently, Bitcoin is trading at $64,123, representing a 5% decrease from 24 hours ago. Over the past seven and 14 days, the losses stand at 7.5% and 8.6%, respectively. The price has dipped slightly over 6% in the last 30 days.
Although Bitcoin is down 13% from its all-time high of $73,798 in March, it still maintains a significant increase from its value a year ago.
QCP experts noted that Iran’s attack on Israel instilled fear in the market, leading to a widespread decline in cryptocurrency prices. Ethereum (ETH) dropped to $2,850, while other digital assets experienced losses ranging from 20% to 30% on average.
According to CoinGecko, only a few cryptocurrencies among the top 100 managed to see gains in the aftermath of April 13, including Leo token (LEO), Bittensor (TAO), Celestia (TIA), and Wormhole (W).
The total market cap of the crypto sector decreased by 5.2% to $2.43 trillion following the events of April 13, as indicated by the data aggregator.
Despite the market turmoil, some analysts view this drop as a natural part of the crypto ecosystem. Benjamin Cowan, founder of Into The Cryptoverse, highlighted historical precedents of similar drops, while MicroStrategy’s Executive Chairman Michael Saylor emphasized the resilience of Bitcoin amidst chaos.
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