⚠️🚨What Shook the Crypto Market? Analysts Share Contraversive Thoughts🩸🩸

👉A recent drone attack by Iran, escalating tensions with Israel, could have triggered significant volatility in the cryptocurrency markets, with Bitcoin dropping below $64,000. This downturn is part of a broader sell-off that started on April 12, leading to over $860 million in asset liquidations across the market in just two days. Bitcoin initially fell from $71,000 to $65,000, eventually reaching a low of $61,000.

Analysts attribute the initial decline to the U.S. Federal Reserve’s announcement that it is not planning to cut interest rates soon, citing high inflation rates that continue to unsettle the economic outlook. This news impacted market expectations, contributing to the downward trend in Bitcoin and other cryptocurrencies.

During the weekend, when traditional financial markets were closed, the crypto markets reacted swiftly to the increased geopolitical risk following the Iran-Israel incident. Ethereum and other major cryptocurrencies also experienced significant losses, with Ethereum falling below $2,900.

Despite the sharp declines, Bitcoin is still valued at more than twice its price from a year ago, although it is currently 13% below its all-time high of $73,798 reached in March. The total market capitalization of the cryptocurrency sector has decreased by 5.2% to $2.43 trillion since April 13.

Experts like Benjamin Cowan of Into The Cryptoverse remind investors that the market has seen similar declines before, while Michael Saylor of MicroStrategy reaffirms his stance that such turmoil is beneficial for Bitcoin’s long-term value.

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