While the past few weekends have been very uneventful for Bitcoin and the crypto market as a whole, things are very different this time around.
Whether driven by yesterday's announcements by several US Federal Reserve heads or today's reports that Iran is preparing an attack on Israel, the reality is that the price of BTC has fallen significantly. However, the value of altcoins has fallen further.
This seems like the perfect opportunity for permabears like Peter Schiff to open a new can of bash fests. However, keep in mind that the price of gold also fell yesterday when the market opened.
crypto potato Reporting a market crash yesterday and today, the price of Bitcoin has fallen by about 10 grand in total. The situation is even worse for altcoins, with significant price declines on almost every chart.
In total, the cumulative market capitalization of all crypto assets plummeted by more than $400 billion in just over 24 hours, dropping to $2.35 trillion on CoinGecko, which was targeting $2.8 trillion yesterday morning.
He blamed the Federal Reserve for Red Friday, as several senior officials said there were no immediate plans to cut interest rates.
Today's selloff also appears to be linked to external events, this time rising tensions between Israel and Iran.
A few weeks ago, it was reported that Israel had killed a senior Iranian commander in an embassy annex in Damascus. Then came news that Iran was preparing a counterattack, and earlier today the country's navy seized an Israeli-linked cargo ship.
The Israeli military has been on full alert since yesterday, but some operations have been suspended. The country's chief military spokesperson, Maj. Gen. Daniel Hagari, warned that dozens of fighter jets were in the air.
The United States is also on alert after President Biden returned to the White House earlier than expected from a weekend stay in Delaware. The Pentagon said U.S. Secretary of Defense Lloyd Austin is in direct contact with Israel to “discuss urgent threats in the region.”
