The war tension between Iran and Israel has greatly affected the altcoin market. The effects of the war continue to wreak havoc on all markets in the new week.
Bitcoin decline affected altcoin prices!
The tension between the two countries also hit the Crypto market. Bitcoin price reached a peak of $73 thousand in March. Unfortunately, it fell below 61 thousand dollars on Saturday, April 13. There was a 10 percent drop in about an hour. Following this development, there were also declines in altcoins. Large investors took advantage of this opportunity.
According to the information shared by the Lookonchain platform, a large amount of USDT was transferred to Kraken and Bitfinex exchanges from whale accounts that took advantage of this drop. After this transfer of 297 million dollars, the markets went on a sudden rise. The buyers were large fund companies.
Featured Altcoin Market
Bitcoin, ether and other cryptocurrencies fell sharply on Saturday. Bitcoin fell to around $61,000 and ether fell below $3,000. The slump created by a bombing campaign launched by Iran against Israel only rebounded slightly later in the weekend. Solana (SOL) fell from $ 155 to approximately $ 140 in the early hours of Monday morning. This also means a retreat from the $175 level reached on Friday.
Singapore-based digital asset trading company QCP Capital stated to its investors that buying at the bottom is a profitable transaction during periods when major geopolitical conflicts break out. Ed Goh, head of trading at liquid provider B2C2, stated that the company has seen determined buying into BTC, especially during the weekend decline. Goh stated that 57 percent of its assets went to the buying side. He also added that altcoin activity was high and they observed a buying trend.
Altcoins receiving the most investments
In early afternoon trading, Ether (ETH), the second-largest cryptocurrency by market cap, struggled to hold on to gains since Saturday’s panic selling. ETH continued to fluctuate just above the $3,100 level. Despite gaining 4% in the last 24 hours, ETH is down nearly 4% after rising to almost $3,300 early on Monday.
As we reported as Kriptokoin.com, the $297 million entry into the Kraken and Bitfinex exchanges attracted a lot of attention. A high portion of these purchases were made to the SHIB and SOL networks. After these large purchases, there was an increase of approximately 6 percent on Monday morning. After the rise, the charts started to turn green.
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