Bitcoins prices dropped sharply Tuesday. The price of bitcoins dropped sharply on Tuesday after Iran fired missiles towards Israel. This attack sparked fears that a larger conflict could break out in the Middle East. Ethereum and Dogecoin saw huge price drops.
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Bitcoin, Ethereum and Dogecoin are under pressure due to war fears
Bitcoins and Other Cryptocurrencies Fall
Bitcoin fell by 3.48%, to $61,118.92. After hitting a 2-week low, it rose slightly. Ethereum’s price dropped further by 5.66%. It now stands at $2,464.05. The price was at its lowest since August 19th. Dogecoin, which dropped the most by 6.29% and reached $0.1077, was also affected.
In just one day, the total value of cryptocurrencies dropped by 4.16 percent. The value is now $2,14 trillion. Stock markets have also fallen during this period.
Big losses for traders
This market crash has caused many traders to lose money. In 24 hours, crypto positions totaled $521,000,000. The biggest crypto loss was since the major crash in August last year. Around $450 million of bets placed on the price rising were lost.
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Fear Takes Over The Market
The Crypto Fear & Greed Index showed high fear levels. It means that many investors are selling out of panic. Also, the futures market showed signs of this panic. Bitcoin and Ethereum contracts were less popular.
Bitcoin Experts’ Warning
Peter BrandtA well-known trader shared his views on Bitcoin’s price movements.
Brandt says: “Bitcoin’s recent rise didn’t change its downward trend of the last 7 months.” Bitcoin’s trend must be reversed by hitting a high of $71,000 or higher.
Claim of market manipulation
MartyPartyCrypto commentator believes big investors are manipulating markets. He thinks they are using war fear to their benefit.
He explained: “Big players sell lots of crypto. This causes panic and prices drop. Small investors sell in fear. Then the big players buy back at lower prices.” The man warned the people to be careful.
Some Coins Buck Trend
Not all cryptos lost their value. FTX Token soared by 12.0%. EigenLayer’s (EIGEN), a cryptocurrency, rose 11.24%. Wormhole’s (W) value increased by 5.32%.
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Even when the crypto market is falling, it can still be volatile.
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Source: watcher.guru
