KCS, STABLE, and PIPPIN are today’s top losers after recent attacks.
Bitcoin price action has taken a turn for the worse in the past few hours after Israel attacked Iran and then US President Trump confirmed that his country was involved.
Many altcoins have been bleeding heavily, with Binance Coin taking the lead and overtaking XRP in terms of market cap.
BTC again garbage
It’s already been a very volatile week of trading for the primary cryptocurrency, as the bears seemed to be fully in control heading into Tuesday. That’s when they pushed the asset south to a multi-week low of $62,500. However, Bitcoin bounced back almost immediately, hitting a few grand above $70,000 on Wednesday.
Many analysts speculated whether this was a common cat strike, and it turned out to be. Initially, BTC slipped to around $68,000, where it spent most of Thursday and Friday. However, the situation worsened again on Saturday morning when Israel launched a “preemptive” strike against Iran and declared a state of emergency.
Within minutes, BTC fell as low as $62,800 before recovering some ground to $63,400 at press time. US President Donald Trump has confirmed that the US was involved in the attacks and that more instability is expected today as the situation unfolds.
Currently, the market value of Bitcoin in CG has decreased to 1.275 trillion dollars, while its dominance over alts is less than 56%.
Alts Bleed
The graphic below shows the painful reality in the altcoin space where almost every asset is in the red. ETH has lost $200 to $1,850 in the past few days. XRP outperformed BNB after a 9% drop, while SOL fell by double digits to $80.
ADA, HYPE, BCH, DOGE, CC, LINK, and XLM also dropped significantly. Up to 20% declines are evident from KCS, PIPPIN and STABLE, while gold-linked stablecoins are in green.
The total volume of the crypto market in the last one day destroyed more than 100 billion dollars, and in CG is less than 2.3 trillion dollars.
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