The war tension between Iran and Israel has significantly impacted the altcoins market. The effects of the war continue to ripple through all markets into the new week.
Bitcoin’s decline affected altcoins prices!
The tension between the two countries also hit the crypto market. Bitcoin reached a peak of $73,000 in March. Unfortunately, on Saturday, April 13, it fell below $61,000. There was a sudden drop of 10% within an hour. Following this development, there were also declines in altcoins. However, major investors took advantage of this opportunity.
According to information shared by the Lookonchain platform, substantial amounts of USDT were transferred to the Kraken and Bitfinex exchanges from whale accounts that capitalized on this drop. After this $297 million transfer, markets experienced a sudden surge. The buyers were primarily large fund companies.
Highlighted Altcoins Market
Bitcoin, ether, and other cryptocurrencies experienced a sharp decline on Saturday. Bitcoin dropped to around $61,000, while ether fell below $3,000. The dip, caused by Iran’s bombing attack on Israel, somewhat recovered in the later hours of the weekend. Solana (SOL), on the other hand, dropped from around $155 to approximately $140 in the early hours of Monday. This also signifies a retreat from the $175 level reached on Friday.
Singapore-based digital asset trading company QCP Capital noted to its investors that buying the dip during major geopolitical conflicts has historically proven to be a profitable trade. Ed Goh, the Head of Trading at liquidity provider B2C2, mentioned that the company witnessed significant buying activity in Bitcoin, particularly during the weekend dip. Goh stated that 57% of their flow went to the buy side. Additionally, he added that altcoin activity remained high, observing a tendency towards buying.
The Most Invested Altcoin
In the early afternoon hours of the United States, Ether (ETH), the second-largest cryptocurrency by market capitalization, struggled to maintain its gains since the panic selling on Saturday. ETH continued to fluctuate just above the $3,100 level. Despite recording a 4% increase in the last 24 hours, ETH experienced a drop of nearly 4% early Monday after reaching almost $3,300.
As reported by Kriptokoin.com, the entry of $297 million into the Kraken and Bitfinex exchanges had drawn significant attention. A large portion of these purchases went into the SHIB and SOL networks. Following these substantial purchases, there was approximately a 6% increase early Monday morning. After the rise, the charts began to turn green.
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