Posted by Xoken.org – Tensions between Iran and Israel escalated after Iran launched dozens of unmanned aircraft aka drones and missiles into Israel’s occupied territory. In the midst of these geopolitical conditions, the prices of a number of cryptocurrencies collapsed.
Based on Coinmarketcap data, the price of bitcoin, for example, fell 4.7% in the last 24 hours, to the level of US$64,190 today, Saturday (14/4/2024). In fact, this week, the price of bitcoin touched the level of US$70,000 per coin.
Then, the price of ethereum fell 4.97% in the last 24 hours to as low as US$3,089. Then, the price of Solana fell 7.41% and BNB fell 4.69%.
Meanwhile, global crypto market capitalization also fell 5.24% in the last 24 hours to US$2.32 trillion.
BitMEX CEO Arthur Hayes revealed that the decentralized finance (DeFi) sector is taking a hit due to market turmoil, with depressed prices forcing liquidations and increasing the potential for chaos on some protocols.
“Lower liquidity will lead to lower prices,” he said as quoted by Coindesk on Saturday (14/4/2024).
Apart from that, the collapse of crypto prices occurred amidst heated tensions between Iran and Israel. “Bitcoin fell drastically in response to the Iran/Israel news,” said financial analyst Rajat Soni, quoted by Forbes.
As is known, tensions between Iran and Israel continue to heat up after Iran launched dozens of unmanned aircraft, aka drones and missiles, into the Israeli occupied territory. This attack was a new chapter in the conflict in the Middle East, where Iran finally stepped in and directly attacked Israel.
So far, the conflict between Iran and Israel has been indirect. Iran involves its military proxies, such as Hezbollah in Lebanon and the Houthis in Yemen, to suppress its enemies, one of which is Israel.
Iran was forced to take to the stage after Israeli warplanes unilaterally attacked the Iranian embassy in Damascus, Syria. Israel’s attack on Iran in Syria was actually not the first, but Israel’s action in early April made Iran angry.
The Zionist regime is considered to have violated the Vienna Convention, international law and violated Iran’s sovereignty because it targeted Iran’s diplomatic mission in Syria.
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