The recent drop in Bitcoin's price highlights the correlation between the cryptocurrency market and global economic events.
Bitcoin Price Dynamics
Bitcoin's price has dipped below $100,000 for the first time since May 25, registering a 4% decline in the last 24 hours and a 5.5% decrease over the last week.
Impact on Altcoin Market
The cryptocurrency market has also seen a selloff among altcoins, most of which are deep in the red. According to CoinGlass, this has led to nearly $1 billion worth of liquidated positions.
Global Events and Their Consequences
Reports indicate that the U.S. has entered the conflict between Israel and Iran, striking three strategic nuclear sites in Iran. In response, the Iranian Parliament voted to support closing the Strait of Hormuz, raising concerns about oil price inflation and economic turmoil.
The overall decline in the cryptocurrency market and reactions to international events highlight the uncertainty faced by traders and investors.
