The cryptocurrency market has had its ups and downs lately. Because it faced a sharp decline this weekend. Bitcoin price fell from $71,300 to below $66,000, a drop of nearly 9% over the week. Parallel to this decline, there was a massacre in altcoins. Because there were losses of 14% in Ethereum, 10% in BNB and up to 30% in some altcoin projects. With these sudden declines, a total liquidation of nearly 1 billion dollars took place. Here are the details…
Critical decline in the cryptocurrency market
cryptokoin.com As we reported, the cryptocurrency market has recently experienced a sharp correction and the effects of this decline have been felt throughout the market. Bitcoin price fell from $71,300 to below $66,000, a drop of nearly 9% over the week. Following this decline, there was a massacre in altcoins. In particular, some altcoins are experiencing losses of up to 30%. With these sudden declines, a total liquidation of nearly 1 billion dollars took place.
Experts are of the opinion that the exacerbation of geopolitical risks lies behind the decline in Bitcoin and altcoins. The USA’s announcement that Iran was preparing a serious attack against Israel created fear in all markets. It was critical that the already tense environment in the Middle East worsened further. Because the emergence of a possible war caused investors to withdraw from cryptocurrencies.
The latest situation in prices and the most devalued altcoin projects
Bitcoin price accelerated its decline after breaking the critical support levels of $70,400 and $68,200 during the week. This decline was also accompanied by factors such as option contract expiration, historical patterns regarding Bitcoin halving, macroeconomic factors and technical chart weakness. While the decline in Bitcoin brought the Ethereum price down by 12%, it caused 15-30% loss in value in altcoins such as SOL, XRP, ADA, DOGE, SHIB. In general, if we look at the top 100 by market capitalization, the following coins suffered the biggest losses:
Some experts think that the Bitcoin market is still structurally in an upward trend. However, he also emphasizes that this harsh correction may continue in the short term. It is also among the topics discussed that Bitcoin miners may sell $5 billion worth of Bitcoin after the halving event and that these sales may affect the market downwards. The cryptocurrency market is facing uncertainties in the short term with the recent sharp declines. Investors need to closely follow geopolitical developments and market movements in the coming period.
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