The cryptocurrency market took a sharp turn as Bitcoin, Ethereum, and numerous altcoins plunged in value. Bitcoin dropped 4.5% and is now trading just above $60,000, while Ethereum saw a 6% dip, bringing it below the $2,500 mark. Many altcoins faced even steeper declines, with drops between 10% and 20%.
The increasing tension in the Middle Eastern states is the critical underlying reason for the sharp decline. Things took a turn for the worse when Iran fired missiles at Israel, sending shivers down the spine of investors regardless of the market they invested in, crypto or traditional. This increased risk led to a sell-off of stocks as investors fled from equities toward safer investments.
The post "Crypto Market Faces Sharp Decline Today, Here is Why" first appeared on 36crypto.com News.