Middle East Tensions Trigger Severe Cryptocurrency Market Decline
Summary:
Following Iran's retaliation against Israel, Bitcoin (BTC) prices declined by a significant 8.4%, resulting in a Market capitalization drop of over $130 million. Other cryptocurrencies including Ether (ETH) and Solana (SOL) also experienced sharp declines. The situation is still unfolding, and updates will follow as necessary.
The value of Bitcoin (BTC) underwent a steep 8.4% decline on April 13 following Iran's attack on Israel, escalating the existing tensions in the Middle East. Prices for the digital currency fell dramatically from around $67,000 to $61,625, causing a loss of over $130 million in market capitalization in just a few minutes after the incident. This information is sourced from TradingView. As reported by Bloomberg, Iran initiated a drone strike on Israel this past Saturday, in a retaliatory response to an Israeli attack a few days prior. Israel had targeted a diplomatic building in Damascus, Syria, leading to the death of seven Iranians, of which two were high-ranking generals. This sell-off scenario has also impacted other cryptocurrencies. At the moment, Ether (ETH), for instance, has decreased by 9.81% to $2,927, while Solana (SOL) has plummeted 15.96% to $129. As the situation continues to evolve, more updates will be provided when necessary.
Published At
4/13/2024 11:47:58 PM
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