Bitcoin Plummets to 10-Day Low Amid US-Iran Tensions
Bitcoin's price has fallen to its lowest level in ten days following new violent strikes between the US and Iran. The primary cryptocurrency was rejected at $79,000 on several occasions before plummeting under $76,500 for the first time since August 23.
The Middle East tensions have had a ripple effect on the entire crypto market, with numerous altcoins also experiencing a significant correction. BTC's major breakout in early August led to a massive surge of over $16,000, pushing its price above $81,000 on several occasions last week before bears stepped up and halted the move.
Despite some modest retracements, including a drop to $77,000 after the hawkish speech from Jackson Hole by new Fed Chair Kevin Warsh, BTC managed to recover some ground over the weekend. However, its price dropped by two grand on Tuesday following reports of further US-Iran strikes, ultimately hitting a 10-day low.
The bulls intervened once again, pushing the cryptocurrency back up to $79,000, but it was short-lived as another leg down followed, driving BTC to $76,500. As of now, its market cap is under $1.550 trillion, and its dominance over alts has declined slightly to 59.6% on CoinMarketCap.