The tension arising from Iran’s attack on Israel has also impacted the cryptocurrency market. Significant declines were observed in Bitcoin, Ethereum and other cryptocurrencies. Bitcoin fell back to 62,000, while Ethereum dropped to around 2,870.
Despite the downturn, Santiment reported an increase in interest for two altcoins. Santiment mentioned that, despite the market downturn, there was increased interest in Ethereum and BEAM. In Hong Kong, despite rapidly rising short positions against Ethereum, the second largest market cap cryptocurrency, there has been more interest. Apart from Ethereum, interest in BEAM is also on the rise.
While interest in Ethereum increases in the market, a whale made a loss-making sale!
The leading altcoin, Ethereum (ETH), experienced a sharp drop due to the increased tension in the Middle East, dropping to around 2,870, causing difficult times for its investors. After this drop, a whale waited for the price to recover before selling. Look On-Chain addressed this situation.
According to Look On-Chain, this whale sold all 10,701 Ethereum (worth 33 million) in their portfolio at a loss (4 million loss) via Binance 2 hours ago to pay off their debt. This whale had deposited Ethereum into Compound, borrowed USDT, and then opened an ETH LONG position with these USDTs. Whether the whale will buy Ethereums again is a matter of curiosity.
How has the crisis in the Middle East affected the crypto market?
While the crypto market was trending upwards, Iran’s attack on Israel on April 13, 2024, caused a slight downward movement in the market. BTC, which had reached its all-time high, was affected by this movement. After reaching a high of 71,000, BTC was stable at around 66,000. Following the news of Iran’s attack on Israel, it quickly fell to 62,000.
The situation is no different for Ethereum (ETH). While Ethereum was trading around $3,200, it quickly fell to around 2,870 following the attack news. ETH, like BTC and other coins, was affected by this tension.
Current market situation
With the increasing tension in the Middle East, the market experienced a sharp decline. In this situation, some investors sold while others bought. Bitcoin, which had fallen to as low as 62,000, is currently trading in the 63,000 to 64,000 range. Similarly, after dropping to as low as 2,870, Ethereum is now trading in the 3,000 to 3,100 range.
What shape the market will take and whether prices will return to their previous levels is a subject of great interest. Many investors and analysts are closely following these new developments.
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