Summary
TLDR: Geopolitical tensions in the Middle East, specifically Iran’s attack on Israel, led to a significant downturn in the cryptocurrency market with Bitcoin and other altcoins experiencing price drops. Traders suffered losses, with bullish position holders losing the most. Analysts see this as a buying opportunity and a potential bottom in the bull market. Iran warns of further attacks if Israel retaliates.
Key Points
1. The cryptocurrency market experienced a substantial downturn on April 13, with Bitcoin and other digital currencies dropping by nearly 10%.
2. The market decline was triggered by heightened geopolitical tensions in the Middle East, specifically Iran’s attack on Israel.
3. The sell-off resulted in significant losses for traders, with approximately $962.40 million lost and the DeFi sector witnessing liquidations exceeding $120 million.