International
Iran's bombs are not only hitting Israel but also dropped on the crypto market. Bitcoin, the crypto giant, experienced a significant decline marking its largest drop in over a year fueled by rising tensions in the Middle East.
The leading cryptocurrency dropped by 7.7% on Saturday which happens to be the most substantial retreat since March 2023 before partially recovering to around $63,230 by Sunday morning.
Other major cryptocurrencies like Ether, Solana, and Dogecoin also saw losses over the 24 hour period.
Investors monitored weekend trading of digital assets for cues on market sentiment ahead of the reopening of traditional markets on Monday.
The possibility of further escalation in the conflict was seen as a key factor influencing the continuation of the crypto selloff.
The tension in the region affected global markets with stocks declining and safe haven assets like bonds and the dollar gaining.
The crypto market experienced significant liquidations of bullish wagers amounting to around $1.5 billion over Friday and Saturday.
Bitcoin which reached a record high of $73,798 in mid March has since dropped by approximately $10,000.
We need to observe how far Bitcoin falls and rises amidst this sensitive index. While the investors are worried some ambitious individuals are investing on BitCoin at thsi dropped price.
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