Bitcoin witnessed a roller coaster ride over the weekend as it scaled over $106,000 but soon retracted due to escalating conflicts in the Middle East and President Trump’s stern warnings to Iran. This situation resulted in a dip of over a thousand dollars.
Most larger-cap altcoins, including HYPE, also saw a slight dip with a 5% dump, whereas PI’s value increased by an equivalent percentage.
The leading cryptocurrency experienced a surge at the start of the last week, breaching the $110,000 mark multiple times by Wednesday. However, each surge ended with an immediate reversal, with the last one plummeting BTC below $106,000.
On Thursday, although Bitcoin managed to regain some of its lost ground, reaching up to $108,400, the rapidly intensifying Middle East conflicts triggered an abrupt price fall, pushing the asset below $103,000.
Despite the ongoing attacks and retaliations from Iran, BTC managed to regain some stability and even surpassed $106,000 after a few hours. However, Trump’s renewed threats to Iran, promising to unleash the full force of the US military if Iran retaliates, led to a further decline in Bitcoin’s price.
Despite the fluctuations, Bitcoin maintains a value above $105,000. Its market cap is still under $2.1 trillion, and it accounts for 61.7% of the total cryptocurrency market, according to CG.
Larger altcoins are in the red again, with Ethereum maintaining above $2,500 despite a slight dip. Other cryptocurrencies, including DOGE, BNB, LINK, XRP, and SOL, have also seen around a 1% decline. HYPE is the biggest loser among the larger-cap altcoins, shedding 5% of its value.
In contrast, the Pi Network’s token has risen by 5% and is now trading above $0.6 following the recent sharp downturn on Friday.
AB has made its way into the top 100 altcoins, having soared by 20%. The total cryptocurrency market cap has declined by roughly $20 billion since yesterday, standing at $3.380 trillion, as per CG.
