Crypto Markets Dip Amid Ongoing US-Iran Tensions
Cryptocurrency markets took a hit on Monday as the US-Iran tensions persisted, with Bitcoin and Ethereum experiencing significant price drops. The global cryptocurrency market capitalization fell by 1.35% over the last 24 hours to stand at $2.18 trillion.
Bitcoin's price dropped toward $63,000 due to intense selling pressure, while its trading volume surged 56%. Ethereum's trading volume jumped 70%, and its price slipped below $1,190. Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions.
However, Dogecoin bucked the trend, gaining value as uncertainty over US-Iran negotiations kept risk appetite in check. Blockchain research firm Santiment noted that Bitcoin's elite wallets, holding at least 10,000 BTC, jumped to a 6-month high with a 7% increase over the last two months.
This shift towards stronger hands may signal a bullish fluctuation incoming, according to Santiment. On the other hand, on-chain analytics firm CryptoQuant stated that Bitcoin may be approaching an acute 'top formation phase', with downside risk increasing as prices climb.