Amid rising geopolitical tensions, the cryptocurrency market experienced a sharp decline. Events in the Middle East had a significant impact on the prices of popular cryptocurrencies.
Bitcoin's Sharp Drop
The cryptocurrency Bitcoin fell below $100,000, hitting a low of $99,764. This marked the first breach below the six-figure mark in several weeks, adding to an already negative trend from the past week. Bitcoin is now down more than 6% from last weekend.
Impact on Ethereum and Solana
Ethereum was also hit hard, dropping to $2,184, its lowest level in recent weeks. Over the past seven days, ETH has shed over 10% in value, deepening its decline to over 14%. Solana, which had shown relative strength earlier in the month, fell over 15%, dropping to $128.95.
Overall State of the Cryptocurrency Market
The current market cap stands at $264.72 billion, with Ethereum's 24-hour trading volume at $29.12 billion. Amid the market downturn, trading volume surged by over 48%, indicating traders are rapidly exiting positions. In total, the market lost over $200 billion in valuation in just under 36 hours.
Given the current situation and market response to geopolitical events, high volatility is expected when traditional markets open on Monday. Investors are closely monitoring the development.
