Crypto 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.
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