- April 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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Topline
The price of bitcoin plummeted by 14% in less than an hour on Saturday, following Iran’s attack on Israel. This sharp decline also affected the prices of other cryptocurrencies, adding to the market turmoil.
The cryptocurrency market had been on a bullish trend, with bitcoin reaching a record high last month after a sustained rally.
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Key Facts
The price of bitcoin saw a significant drop of 14% to $62,570 by 4:40 p.m. on Saturday, hitting a temporary low of $60,908 earlier in the day.
Ethereum also experienced a downturn of over 18% to $2,923, while Binance coin and solana witnessed declines of 18% and nearly 36%, respectively.
Several lesser-known cryptocurrencies also suffered substantial losses, with avalanche dropping by 40%, XRP by 40%, and dogecoin by 36%.
Big Number
$73,750. This was the peak price of bitcoin on March 24, marking the highest value ever recorded for the cryptocurrency.
Key Background
Recent tensions in the Middle East, particularly the escalating conflict between Iran and Israel, have raised concerns in the U.S. markets. The Dow Jones Industrial Average saw a significant decline of 950 points following announcements of potential military actions. Geopolitical uncertainties have led experts like JPMorgan Chase CEO Jamie Dimon to caution investors about the potential impacts on the global economy, especially in relation to oil and gas prices.
Further Reading
Stay updated on the latest developments with Iran’s drone attack on Israel by reading Forbes’ coverage of the event.
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