Bitcoin Experiences Significant Fluctuations as Iran-Israel Tensions Escalate (Market Watch)

Bitcoin’s price has been heavily impacted by the developments on the Israel-Iran front, as the asset plummeted below $60,000 last night before it soared to $65,000 after the latter reportedly said there would be no retaliation soon.

The altcoins experienced a similar roller-coaster, but most of them are currently in the green on a daily scale.

BTC’s Dump and Pump

It was a week ago when Bitcoin suddenly dumped from over $70,000 to $65,000 after the US Fed’s comments about the interest rates. A day later, the cryptocurrency slumped to $61,000 as Iran fired shots against Israel.

The asset managed to recover some ground on Monday, but that was short-lived. The overall bearish sentiment continued, and BTC failed to register any substantial gains. Just the opposite, it was pushed down toward and below $60,000 on a few occasions.

The last one came earlier this morning when Israel fired back at Iran, and BTC slumped to a multi-week low of just under $59,500. However, Bitcoin reacted well and regained almost all losses rather immediately. It even surged to $65,000 minutes ago amid reports that Iran doesn’t plan to attack Israel anytime soon.

Although BTC is now below $65,000, it is still up by 5% in the past day. Its market cap has neared $1.3 trillion, and its dominance over the alts is at 51.7%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

TON, ICP on the Run

Most altcoins felt similar volatility in the past day as BTC. ETH, for example, dumped hard below $2,900 but stands close to $3,100 now after a 3% daily increase.

Solana, Toncoin, and ICP are the top performers from the larger-cap alts. SOL has soared by almost 10% and sits above $140, TON has neared $7 after a 17% daily surge, while ICP’s 10% gain has pushed it to $13.

This volatility in the entire market has resulted in liquidations of almost $300 million within the past 24 hours.

The rest of the altcoins are also in the green, albeit in a more modest fashion. This has helped the total crypto market cap gain about $100 billion on a daily scale. As a result, the metric is up to $2.430 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.