Bitcoin (BTC) and the broader cryptocurrency market fell nearly 10% in the early hours of Sunday, with the price of the largest digital asset briefly falling below $62,000 before recovering to around $64,000. at the time of writing.
We're not alone: other major altcoins have seen similar drops in the past 24 hours, including Ether (ETH), down 7% to just under $3,000, BNB down 9%, and Solana (SOL) down 12%. , according to CoinGecko. Trading volume has increased over the same period.
1h BTC price chart on Binance | Source: TradingView
The decentralized finance (DeFi) sector has been hit particularly hard by the market turmoil, with falling prices forcing liquidations and raising the possibility of wreaking havoc on some protocols.
The drop also came as Iran launched drone and missile attacks against Israel, which the Iranian government said was in retaliation for an airstrike on its consulate in Damascus, Syria. This attack made the world community worried that it would escalate into a war in the Middle East, where gunpowder barrels could explode at any time.
Among the prominent protocols currently is Ethena, the buzzy project behind USDe, a “synthetic dollar” built to be pegged to the price of the US dollar. Ethena has attracted over $2 billion in deposits, but it uses a controversial method to maintain a $1 “peg” of USDe that has not been tested in such adverse market conditions.
The immediate cause of Saturday's market drop remains unclear, although former BitMEX CEO Arthur Hayes wrote in a blog post last week that dollar liquidity would decline shortly before the arrival of the market. Tax payments in the US are due on April 15 – this coming Monday. Lower liquidity will lead to lower prices, he said.
Cryptocurrency market prices began to recover after the although the account warned of a “significantly more serious” attack if carried out by the Israeli regime. Another mistake.”
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