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Bitcoin Plunges to $66K, Altcoins Tumble 10-15% on Ugly Day for Risk Assets
Looking beyond today's decline, investors may expect continued market weakness due to the tax season.
The dip occurred as stock markets sank during the U.S trading session amid rising fears of broadening conflict in the Middle East, as U.S. authorities warned that Iran could prepare to launch a significant attack on Israel.Ether (ETH), the second-largest cryptocurrency by market cap, fell as much as 12% to $3,100 before a modest bounce cut the decline to 8%.
Cryptocurrencies tumbled Friday as risk-off sentiment in traditional markets amid flared-up geopolitical risks spread over to digital assets.
In fast downward afternoon action during U.S. trading, bitcoin (BTC) plunged below $66,000 after having challenged the $71,000 level just hours earlier. At press time, bitcoin had bounced back to $66,700, down more than 5% over the past 24 hours.
Ether (ETH), the second-largest cryptocurrency by market cap, fell as much as 12% to $3,100 before a modest bounce cut the decline to 8%.
The drawdown triggered the largest leverage washout in a month, liquidating some $850 million of leveraged derivatives trading positions across all digital assets. Some $770 million of those positions were longs betting on rising prices, caught off-guard by the sudden decline.
The dip occurred as stock markets sank during the U.S trading session amid rising fears of broadening conflict in the Middle East, as U.S. authorities warned that Iran could prepare to launch a significant attack on Israel.
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