Just Earth News | @justearthnews | 15 Apr 2024, 07:47 am Print
Crypto Photo Courtesy: Unsplash
The crypto market witnessed a significant drop with several altcoins plunging by double digits in response to the current Middle East crisis triggered by Iran's attack on Israel on Saturday.
Bitcoin, for instance, saw a rapid decline of $6,000 within minutes of the attack, as the flagship digital asset tumbled from around $68,000 to as low as $60,800 before rebounding to $64,400, reported beingcrypto.com.
Ethereum tanked from $3,200 to $2,800 before recovering to $3,000.
Other assets such as BNB, Solana, and Dogecoin also experienced declines of 5%, 8%, and 10% respectively over the past 24 hours, the portal reported.
Julio Moreno, head of research at CryptoQuant, posted on X: "This price sell-off is needed to reset traders unrealized profits to zero, typically a bottom signal in bull markets."
"After today's sell off, traders' unrealized profits (purple area) are at the lowest since early February (10%)," he said.
This price sell-off is needed to reset traders unrealized profits to zero, typically a bottom signal in bull markets.
— Julio Moreno (@jjcmoreno) April 14, 2024
After today's sell off, traders' unrealized profits (purple area) are at the lowest since early February (10%).
Moreover, prices are nearer to the trader's… pic.twitter.com/qlcOHdGeFv
"Moreover, prices are nearer to the trader's realized price of $58K," he said.
- PwC to fire 1800 jobs in first major layoffs announced in 15 years
- New ILO report shows global youth unemployment rate dropped to 15-year low in 2023
- American aircraft manufacturer Boeing to plead guilty to criminal charge
- As AI transforms the world, more universities teach the technology
- Global foreign investment declines for second year as geopolitical tensions rise, UN trade body reports
