In yet another eventful and painful evening trading on Saturday, Bitcoin’s price tumbled by another five grand to a multi-week low of around $61,000.
The alternative coins were hit even harder, with numerous double-digit price declines. The main culprit for this crash was the rising tension between Iran and Israel.It was just 48 hours ago when BTC’s price hovered calmly above $70,000, and it even challenged $71,000, but to no avail. Yet, the landscape changed for the worse on Friday evening after speeches from high-ranking officials representing the US central bank that said the Fed has no plans to start lowering interest rates anytime soon.
Bitcoin managed to recover some ground on Saturday morning and jumped to just over $67,000. However, then came the quickly escalating tension between Iran and Israel and the cryptocurrency’s price plunged once again.This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:to a multi-week low of just over $61,000 , leaving more than $700 million in liquidations.
Its market capitalization has declined by about $130 billion since Friday and is down to $1.270 trillion. Its dominance over the alts, though, has soared by approximately 2% within the same timeframe.As it typically happens when BTC heads south hard, so do most altcoins. In fact, they plummeted even more in the past 48 hours or so.
Although many have bounced off as well, the landscape is quite painful for a second day straight. As the graph below shows, there are quite a few double-digit price declines, while SOL, XRP, DOGE, TON, ADA, AVAX, SHIB, DOT, and ETH are still deep in the red.from nearly $2.8 trillion on Friday morning to about $2.330 trillion yesterday evening. It has recovered around $100 billion since then, but it is still 5% down on the day.
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