Crypto market crashes amid Iran-Israel conflict
The crypto market witnessed a significant drop with several altcoins plunging by double digits in response to the current Middle East crisis triggered by Iran's attack on Israel on Saturday.
Bitcoin, for instance, saw a rapid decline of $6,000 within minutes of the attack, as the flagship digital asset tumbled from around $68,000 to as low as $60,800 before rebounding to $64,400, reported beingcrypto.com.
Ethereum tanked from $3,200 to $2,800 before recovering to $3,000.
Other assets such as BNB, Solana, and Dogecoin also experienced declines of 5%, 8%, and 10% respectively over the past 24 hours, the portal reported.
Julio Moreno, head of research at CryptoQuant, posted on X: "This price sell-off is needed to reset traders unrealized profits to zero, typically a bottom signal in bull markets."
"After today's sell off, traders' unrealized profits (purple area) are at the lowest since early February (10%)," he said.
This price sell-off is needed to reset traders unrealized profits to zero, typically a bottom signal in bull markets.
— Julio Moreno (@jjcmoreno) April 14, 2024
After today's sell off, traders' unrealized profits (purple area) are at the lowest since early February (10%).
Moreover, prices are nearer to the trader's… pic.twitter.com/qlcOHdGeFv
"Moreover, prices are nearer to the trader's realized price of $58K," he said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Farah Khan breaks silence on 'unfollowing' Deepika Padukone and '8-hr shift' remark
'It feels good when country's leader bats on front foot': Suryakumar Yadav on PM Modi's 'Operation Sindoor on games field' post
US asked India not to start war against Pakistan after 26/11: Chidambaram's admission embarrasses Congress; BJP reacts
Nicole Kidman, Keith Urban separate after 19 years
