After Israel attacked Iranian military targets, the cryptocurrency market crashed, causing Bitcoin and other altcoins to plummet. Concerns about the Tether investigation are raised.
Source: The Economic Times
Highlights:
- With Israel striking Iran, Bitcoin lost 2%, while cryptocurrencies ETH, SOL, and BNB fell 3-6%.
- The ALT/BTC pair is seeing a steep slump, with analysts forecasting an additional decline in the next months.
- Concerns over Tether’s (USDT) stability highlight its importance in crypto market movements.
The price of Bitcoin (BTC) plummeted 2%, plunging back to the $65,500 support levels as the whole cryptocurrency market collapsed. Since Israel attacked Iran’s military targets, the price of altcoins has experienced an even bigger decline. Ethereum, BNB, SOL, and XRP have all dropped 3 to 6%. The cryptocurrency market and other risk-on assets are once again feeling the shakes of geopolitical unpredictability.
Cryptocurrency Market Drop After Israel’s Iran Attack
Early Saturday morning, Israel’s military launched “precise strikes” on Iranian military bases, heightening Middle Eastern tensions. The media detailed hearing numerous capable blasts in Tehran, the capital of Iran.
Source: www.youtube.com
This event set off a crypto market meltdown that caused Bitcoin and other altcoins to plummet. Market analysts, however, think that this crash will probably be temporary. The price of Bitcoin fell over 4% in a single day following Israel’s first attack on Iran in April of this year, but it recovered in just four hours.
The Altcoin market is more affected. The price of Ethereum (ETH) drops by another 3% to $2450. Ethereum’s (ETH) prolonged weekly losses surpass 7.68%. However, as of this writing, the price of SOL has dropped 6.3%, falling below $165. With 11% growth in the last month, Solana has outperformed Bitcoin and other cryptocurrencies.
Market analyst’s show that earlier today, the ALT/BTC pair hit a fresh low. According to cryptocurrency analyst Benjamin Cowen, altcoins may drop even more in the upcoming months.
Tether Investigation Plays Spoilsport for Bitcoin and Altcoins
Another factor contributing to today’s crypto market meltdown is the news that the US DOJ is opening an inquiry into Tether.
With a $120 billion market capitalization, Tether (USDT) is the biggest stablecoin. Over the past few years, it has been crucial in determining market movements. Some market analysts believe Tether is too big to fail at this point.
