The crypto market chart appeared soaked in scarlet as Bitcoin, the most expensive crypto asset, dropped to its nine-month low amid the ongoing macro economic situations and geo political turmoils. Bitcoin on Friday showed a price slip of 5.89 percent to trade at $82,670. With this, Bitcoin’s seven-day price average has fallen by nearly eight percent.
Ether joined Bitcoin on the loss-side of the price chart. With a drop of nearly seven percent, ETH price tumbled to $2,738 on Friday, data by CoinMarketCap showed.
Analysts, in conversation with Coin Headlines, pointed out that over $1 billion in leveraged crypto positions were liquidated in the past 24 hours, largely from long positions, amplifying overall market volatility.
“The crypto market saw a sharp pullback alongside equities and gold as rising U.S.–Iran tensions and renewed concerns over a potential U.S. government shutdown pushed investors into risk-off mode. BTC traders should closely watch the $80,600 support level, as a break below it could trigger further downward pressure,” said Akshat Siddhant, Lead quant analyst, Mudrex.
BNB, XRP, Solana, Tron, Dogecoin, Cardano, Bitcoin Cash, Monero, Stellar, and Zcash — all registered losses of under ten percent amid the wider market consolidation. A majority of the altcoins followed the same trajectory and roped-in losses.
The ongoing back-and-forth on the U.S. crypto market structure bill is also likely playing a significant role in contributing to the market downward curve.
The overall crypto market cap dwindled by nearly six percent in the last 24 hours — bringing the market cap to $2.82 trillion, data by CoinMarketCap showed.