The tension experienced when Iran launched an attack on Israel was also reflected in the crypto market. There were sharp declines in Bitcoin, Ethereum and other cryptocurrencies. While Bitcoin dropped to $62000, Ethereum dropped to $2870.
Following the decline, Santiment stated that there was an increase in interest for two altcoins. Santiment stated that interest for Ethereum and BEAM has increased despite the decline in the market. Santiment, ETH ETFs in Hong Kong, have seen more interest in Ethereum, which has a market cap of No. 2, despite short positions on ETH rising rapidly. Apart from Ethereum, interest in BEAM is also rising, he said.
While Ethereum interest in the market increased, a whale sold at a loss!
Altcoin leader Ethereum (ETH) experienced a sharp decline due to the increase in tension in the Middle East. Falling to around $2870, Ethereum gave its investors a difficult time. After this decline, a whale waited for the price to recover and sold. Look On-Chain touched on this situation in his post.
Look On-Chain 2 hours ago, this whale sold all 10,701 Ehereums (worth 33 million dollars) in his portfolio via Binance at a loss (with a loss of 4 million dollars) to pay his debt. This whale deposited Ethereum into Compound, borrowed USDT, and then opened an ETH LONG position with these USDTs. It is a matter of curiosity whether the whale will buy Ethereum again.
How did the crisis in the Middle East affect the crypto market?
While the crypto market was trending upwards, the market made a small downward movement with Iran’s attack on Israel on April 13, 2024. BTC, which reached its all-time high (ATH), also had its share of this movement. BTC was moving steadily in the $66,000 range after its highest level of $71,000. It quickly fell to 62 thousand dollars after the news that Iran launched an attack on Israel.
The situation is no different for Ethereum (ETH). While Ethereum was hovering around $3200, it quickly dropped to around $2870 after the attack news. All other coins such as ETH and BTC suffered from this tension.
Current state of the market
With the increase in tension in the Middle East, there was a sharp decline in the market. In this case, some investors sold and some investors bought. Bitcoin (BTC), which dropped to 62 thousand dollars, is currently at 63-64 thousand dollars. Likewise, Ethereum is currently in the 3000-3100 dollar range after its decline to 2870 dollars.
It is a matter of curiosity what shape the market will take and whether prices will rise to their previous levels. Many investors and analysts follow the new developments with great interest.
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