The cryptocurrency market was shaken by an unexpected series of events affecting U.S. financial markets. Bitcoin, the leading digital currency, displayed a significant drop over a short period.
Bitcoin's Sudden Drop
Bitcoin started the session with positive sentiments but soon dropped from $106,500 to less than $103,000. Currently, it has slightly recovered, trading around $103,200, representing a 1.2% decline over the past 24 hours.
Responses from Other Cryptocurrencies
The decline was not limited to Bitcoin. Ethereum, the second-largest cryptocurrency, fell by 4.5% in just 90 minutes, settling at $2,372. The trading volume for Ethereum surged, exceeding normal levels by almost eightfold, reaching nearly 800,000 ETH. Other altcoins such as Solana, Dogecoin, and Cardano also experienced reductions ranging from 3% to 5%.
Experts' Views on the Situation
The exact cause of the volatility remains unidentified. Despite the turmoil in the crypto world, U.S. stock markets showed only slight losses. Experts point to ongoing Israeli-Iranian tensions as latent market risks. James Toledano, Operations Director of Unity Wallet, commented on the unpredictability concerning Bitcoin's next moves, reflecting prevalent market indecisiveness.
Financial experts continue to caution crypto investors regarding the potential for further unexpected price oscillations. They recommend a cautious approach and rational decision-making.
