Bitcoin (BTC) and other cryptocurrencies took an almost 10% knock on Saturday, 13 April 2024 as the decentralised finance (DeFi) market reacted to global geopolitical tensions and escalations in the Middle East.
Bitcoin Climbs Back After Crypto Market Fall Of Almost 10%
This is reportedly the largest sell-off of the world’s most prominent crypto asset experienced in over a year.
Despite falling below $62,000 at one stage during Saturday’s trading, BTC gained back 3.9%, which pushed it past the $64,000 mark on Sunday, 14 April 2024. At one point, this virtual currency spiked as much as 8.3%.
Minor cryptocurrencies such as Polkadot (DOT) and Uniswap (UNI7083) increased by 10%. Regardless of these positives, Sunday’s crypto trading seesawed between jumps and drops.
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As most markets were closed when Iran launched its strike drones against Israel over the weekend, the DeFi sector was the first to face the financial fallout from this action. Bloomberg cited the head of research at FalconX, David Lawant, who said:
More investors than usual might be choosing to express their market views through crypto.
Israel’s expectation of this retaliatory attack already influenced markets on Friday, 12 April 2024. According to Bloomberg data, stocks fell while bonds and the US dollar increased. Bloomberg also referred to CoinGlass information, which showed the liquidation of roughly $1.5bn in “crypto wagers” on Friday and Saturday.
Middle Eastern equity markets struggled during Sunday’s trading, with Israeli stocks losing previous gains. In March 2024, Bitcoin attained a record high of $73,798.
