Bitcoin's Slump Under $62K Amid Tensions in the Middle East

By: Isha Das

With rising tensions in the Middle East, Bitcoin and other prominent cryptocurrencies experienced a seaward slide this weekend, with Bitcoin dropping more than 8% to under $62K. These geopolitical tensions sparked a decentralized market sell-off, with Bitcoin's rate of decline surpassing that of many of its contemporaries. Iran's agitated response, a drone attack on Israel, was a retaliation to an early April incident leading to the tragic loss of nine Iranian officers.

In the past month, Bitcoin has seen an overall loss of 12.51%. The animated cryptocurrency's dynamic market showed an exceptional drop over the weekend from a high of $67,132.1 to $61,710.58 (CoinMarketCap). Following this downfall, Bitcoin's value recovered to $63,943, demonstrating a 3.61% rise from the Saturday slump. The active trading volume of the cryptocurrency concurrently rose by 22.46%, valued at $57.37 billion.

This jaw-dropping decline did not shy away from affecting other cryptocurrencies. Ethereum, the second-largest popular altcoin, suffered a severe loss of 10.89%, dropping to as low as $2,880.16. Other prominent tokens like Solana (SOL), XRP, and Avalanche (AVAX) all recorded significant price dips, leading to a 7.78% fall in the total crypto market capitalization to around $2.2 trillion.