Sharp declines continue to occur in the cryptocurrency industry. Although the leading cryptocurrency Bitcoin (BTC) did not experience a significant withdrawal today, increases in BTC dominance triggered the collapse in altcoins.
Recently, QCP, a successful analytics company, shared a new report about the recent declines and linked these declines with war developments in the Middle East.
Wu Blockchain, a China-based crypto newspaper, shared the latest report of QCP with the following information on its X/Twitter account:
“The trigger for the recent declines was the threat of Iranian retaliation against Israel, and this caused a sell-off among all risky assets.
This move took the market by surprise and perpetuity funding fell to negative (below -40%) levels.
While there is about a week left until the Bitcoin halving, we expect BTC to have difficulty getting out of the 64 thousand - 73 thousand dollars range in the short term.”
QCP experts think that Bitcoin will accumulate in the range of 64 thousand - 73 thousand dollars for a while, and expect the rise in BTC and altcoins to continue in the long term.
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