Bitcoin’s price has been heavily affected by recent developments on the Israel-Iran front, causing significant volatility in the market. After falling below $60,000, Bitcoin experienced a surge to $65,000 following reports that Iran had no immediate plans for retaliation. Altcoins also experienced similar fluctuations but are currently showing gains on a daily scale.
Bitcoin’s price initially dropped from over $70,000 to $65,000 last week following comments from the US Fed about interest rates. The cryptocurrency further slumped to $61,000 after Iran fired shots against Israel. Although Bitcoin managed to recover slightly on Monday, the overall bearish sentiment prevailed, preventing any significant gains. Bitcoin was pushed below $60,000 multiple times, with the latest drop being just below $59,500. However, Bitcoin quickly rebounded and regained most of its losses, reaching $65,000 amid reports that Iran does not plan to attack Israel in the near future.
Despite currently being below $65,000, Bitcoin is still up by 5% over the past day, with a market cap approaching $1.3 trillion and a dominance over altcoins at 51.7%.
Several altcoins also experienced similar volatility. Ethereum (ETH), for instance, fell below $2,900 but has since recovered to nearly $3,100 with a 3% daily increase. Among larger-cap altcoins, Solana (SOL), Toncoin (TON), and ICP have performed well. SOL surged by almost 10% and is now above $140, TON approached $7 with a 17% daily increase, and ICP gained 10% to reach $13.
The market volatility led to liquidations of approximately $300 million within the last 24 hours. Despite this, the overall crypto market cap has gained about $100 billion on a daily scale, reaching $2.430 trillion on CG (Crypto Global).