While the past few weekends have gone fairly calmly for Bitcoin and the entire crypto market, this time things are noticeably different.
Whether driven by yesterday's announcements from a few US Federal Reserve chairs or today's news that Iran is preparing an attack on Israel, the reality is that the price of BTC has fallen sharply and altcoins have lost even more value.
This seems like the perfect opportunity for a perennial bear like Peter Schiff to open another can of bash fest. But keep in mind that the price of gold also fell yesterday when markets opened.
Bitcoin just crashed just above $61,000. That's only 26 ounces of gold. At its peak 2.5 years ago, a #Bitcoin worth 37 ounces of #gold. This represents a drop of 30%. Digital Fool's Gold is clearly in a bear market when valued in real gold.
-Peter Schiff (@PeterSchiff) April 13, 2024
CryptoPotato reported yesterday and today's market crashes, which in total brought down the price of Bitcoin by around ten thousand dollars. The situation for altcoins is even worse, with massive price drops on almost all charts.
In total, the cumulative market capitalization of all crypto assets fell by more than $400 billion in just over 24 hours and fell to $2.350 trillion on CoinGecko after targeting $2.8 trillion yesterday morning.
Red Friday was blamed on the U.S. Fed, as a few high-end officials said there were no plans to cut interest rates in the near future.
Today's crash also appears to be linked to external events – this time, to the growing tension between Israel and Iran.
Reports emerged a few weeks ago that Israel had killed a senior Iranian commander in an embassy annex in Damascus. Then news broke that Iran was preparing a counterattack and the national navy grasped an Israel-bound cargo ship earlier today.
The Israeli army has been on alert since yesterday, while some activities have been suspended. The country's main military spokesperson, Rear Admiral 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 after a weekend in Delaware. According to the Pentagon, US Defense Secretary Lloyd Austin is in direct communication with Israel to “discuss pressing regional threats.”
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