Bitcoin, the leader of the cryptocurrency world, was forced to drop below almost $ 100,000 amid the geopolitical crises experienced today.
Geopolitical Developments Caused First a Crash, Then a Recovery in Bitcoin and Cryptocurrencies
Iran launched a missile attack on the US military base in Qatar, which suppressed all financial markets, including the cryptocurrency market. BTC and altcoins fell after recovering during the day.
However, the fact that Iran had informed US officials and also Qatar before launching the attack, and that the attack was overcome without any loss of life, signaled that a significant part of the crisis was over. Immediately afterwards, US President Donald Trump made a statement that was almost a lifeline to the markets.
Donald Trump announced that Iran’s nuclear facilities had been destroyed and described Iran’s counterattack as weak. In addition, Trump thanked Iran for giving him notice before the attack. Trump’s message, which ended with “now is the time for peace,” was interpreted as a decrease in tensions in the Middle East, at least for now.
After it was revealed that Iran’s attack was largely symbolic, the cryptocurrency market began to rise under the leadership of Bitcoin. The Bitcoin price, which had hit the $100,000 mark, recovered as the environment softened and is trading around $104,000 at the time of writing. The recovery in altcoins was proportionally stronger.
While Ethereum reached the $2,400 limit, Solana took the lead in terms of increase among major altcoins with an increase of approximately 10%.
This deep volatility has also led to intense liquidations. In the last 24 hours, $389 million worth of cryptocurrencies were liquidated from the cryptocurrency market. The vast majority of this, $281 million, was in short positions.
If we examine it on a cryptocurrency basis, some interesting data greets us. In the last 24 hours, the amount of cryptocurrency liquidated on Ethereum has surpassed Bitcoin. While Bitcoin experienced a liquidation of $121 million, this was measured as $122 million in Ethereum.
*This is not investment advice.
Continue Reading: Bitcoin Rises Again: We Are Above $104,000 – Here Are the Latest Data, Today’s Summary of Events, and Everything You Need to Know
