Crypto News – The cryptocurrency markets crashed on Friday night, and on Saturday, the same horrific scene was played out again. There has been a $200 billion exodus from the market overall. After the $900 million last night, the overall liquidations have soared to $700 million.
Another $700 Million in Liquidations: Why Crypto is Crashing?
Up until Friday night, everything was going smoothly for the main cryptocurrency, which had settled in at roughly $70,000–$71,000. The most recent US Federal Reserve speeches, which made no mention of any major shifts in the central bank’s monetary policy, including a fall in interest rates, nevertheless caused the situation to shift. Within minutes, Bitcoin fell five to six thousand dollars, crashed below $65,000, and about 300,000 dealers liquidated their holdings for about $900 million.
Iran-Israel Tensions Cause Market Decline
It appears that the increasing animosity between Israel and Iran is what has caused the most recent price drop. For example, Bitcoin has made some gains and was trading at roughly $67,000. But in the last few hours, it dropped once more, this time to a low of about $61,000, which is equivalent to a multi-week low.
The altcoin market has further plummeted. Nearly all of them, including SOL, XRP, BNB, DOGE, SHIB, AVAX, and many more, have double-digit price declines. The total crypto market capitalization has dropped by about $400 billion since Friday morning and by almost $200 billion in just one day.
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