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You are here: Home / News / Cryptocurrency Fluctuates Amidst Iran-Israel Conflict: Report
April 15, 2024 by Arslan Tabish
The global financial markets experienced tremors following Iran’s maiden military attack against Israeli soil, with cryptocurrencies being one of the key victims. A famous crypto journalist, Colin Wu reported through his post on Wu Blockchain X that the price of both Ethereum and Bitcoin dropped significantly after his platform was attacked.
As Iran attacked Israel for the first time in history, risk assets fell sharply. Ethereum fell to as low as $2,852 in the past 4h, and Bitcoin fell to as low as $60,660. The liquidation amount reached $711 million within 4h. But Iran subsequently announced the end of military… pic.twitter.com/ahNUdz8RCl
— Wu Blockchain (@WuBlockchain) April 13, 2024
After the historic Iran offensive, Ethereum’s rate dropped to $2,852 within four tense hours, a substantial dive. Currently, ETH is valued at $3,035, which is a drop of 7.10% within the last 24 hours and an even larger decrease of 10.35% over the past week. $34.08 billion is the present 24-hour trading volume for Ethereum which shows the increase in the activity of trading even though the prices have been dropping.
Source: TadingView
Bitcoin plummeted to a low of $60,660. Decline in prices was merely the starting point; $711 million worth of investments were liquidated within the same period, demonstrating the level of panic such turmoil induces in the markets. At the time of writing, the price of Bitcoin is $64,226, indicating that it has declined by 4.45% in the last 24 hours and a sharp fall of 7.16% over the last seven days. The Bitcoin 24-hour trading volume stands at about $61.16 billion during the same period when its price drops sharply, pointing to high market activity elucidating even the decreasing appetite of investors.
Source: TradingView
The quick financial damage can be linked to the nature of cryptocurrencies as risk assets that usually suffer during political changes, such as stocks and other assets. Crypto investors, like their peers in the traditional sectors, respond quickly to the news of international tensions, which in turn triggers immediate and massive sell-offs.
Crypto Market’s Swift Rebound Amid Geopolitical Shifts
Nevertheless, the story became optimistic as soon as Iran declared that it would stop its military actions. This announcement was a cooling ointment for the nervous markets, which resulted in a pretty strong rebound in the prices of cryptocurrencies. Both Bitcoin and Ethereum saw sharp rebounds from their lows which is a typical feature of the crypto space, where sentiment can change overnight.
The reporting of Colin Wu emphasizes the growing interrelationship of geopolitical events and cryptocurrency valuations. In addition, the occurrence demonstrates how the crypto market is susceptible to global political events but also how secure is this market.
Even though the cryptos have rebounded quite quickly after Iran stopped the military activities, this only seems to provide some relief to the situation, the issue again makes investors understand that they should remain alert and reactive to such international occurrences that could affect the market. This occurrence has certainly made the already complex world of cryptocurrency investment strategies even more complicated.
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