🔥Crypto Market Dips Nearly 25%: Bitcoin Plummets 8% Below $62K Before Bouncing Back🚀

Bitcoin and other major cryptocurrencies faced a sharp downturn over the weekend, with Bitcoin briefly dropping below $62,000 before climbing back to around $64,000. Ethereum, BNB, and Solana also saw significant declines, with trading volume on the rise.

The DeFi sector took a hit from the market turmoil, with falling prices leading to liquidations and potential disruptions for some protocols. One closely watched project is Ethena, behind the synthetic dollar USDe, which faces challenges in maintaining its price stability amidst market volatility.

The exact cause of the market drop remains unclear, though some speculate it could be linked to reduced dollar liquidity ahead of U.S. tax deadlines. Additionally, tensions rose as Iran launched strikes against Israel, prompting concerns about geopolitical instability.

Market prices started to recover following statements from Iran's UN mission, indicating a potential easing of tensions, though caution remains amid geopolitical uncertainties.

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