While the stock market was closed this weekend and unable to react to the news of Israel being the target of an Iranian drone attack, the crypto market was ready to respond.
Bitcoin was actually one of the cryptocurrencies least impacted. According to Coinglass, there were over $757 million worth of long liquidations on centralized exchanges on Saturday, but only $261 million worth were on bitcoin positions. Most assets seemed to have hit a relative bottom towards the end of Saturday and have seen a slight rebound.
But, without the stock market open, bitcoin and its cryptocurrency companions were forced to take the brunt of the fall.Bitcoin’s dominance, or the share of bitcoin’s market cap relative to the total market cap across cryptocurrencies, jumped to 52.86% on Sunday, the highest since April 2021.
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