Crypto News– While traditional stock markets remained closed over the weekend, unable to react to the news of an Iranian drone attack targeting Israel, the cryptocurrency market was poised for action.
Bitcoin Market Dominance Reaches Highest Level Since April 2021 Despite Weekend Dip
Across the spectrum, assets experienced a downturn as traders adjusted their portfolios and reduced exposure to risk. Bitcoin, in particular, saw a significant decline, dropping from over $70,000 on Friday, April 12, to just above $63,000 by the end of April 13, marking a decrease of approximately 11.6% from its Friday peak to its Saturday low.
Interestingly, Bitcoin weathered the storm better than many other cryptocurrencies. According to Coinglass, centralized exchanges saw over $757 million in long liquidations on Saturday, with only $261 million attributed to bitcoin positions.
While many cryptocurrencies are considered risky assets for traders, bitcoin stands out as arguably the least risky option, with the largest market capitalization and a solid track record of institutional adoption. In contrast, speculative assets like Dogecoin experienced a significant drop, with DOGE plummeting nearly 30% from its Friday high to its Saturday low.
Most assets appeared to stabilize towards the end of Saturday and have since seen a modest rebound.
In theory, bitcoin had the potential to surge in such a situation, given its status as a safe haven asset not tied to any specific government or country. Recently, gold has seen a surge in value due to concerns over the conflict in the Middle East, which could have spilled over to what’s often termed digital gold as well.
However, with the stock market closed, bitcoin and other cryptocurrencies bore the brunt of the downturn.
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