Cryptocurrency Market Update: Bitcoin, Ethereum, and Altcoins Experience Correction Amid Geopolitical Tensions
Crypto Price Prediction: Market Correction Continues Amid Geopolitical Tensions
The cryptocurrency market experienced a prolonged correction on April 13th as geopolitical tensions in the Middle East triggered selling pressure across finance markets. The Iranian attack on Israel initially caused panic among market participants, leading to a notable downturn in the crypto market.
In the last 24 hours, the price of Bitcoin plunged 5% to trade at $64,234, while other top altcoins like Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) fell 7%. Coinglass reported that a total of 256,589 traders were liquidated, resulting in $962.4 million in losses. The largest single liquidation of $8.46 million occurred on Binance for a BTC/USDT trade.
Despite the market correction, Bitcoin is often viewed as a macro hedge, absorbing much of the immediate aversion to risk. With the upcoming Bitcoin halving, crypto investors may find a suitable discount opportunity in top altcoins.
Ethereum (ETH) saw significant supply pressure this week, with its price dropping from a high of $3,730 to $3,021, a 20% decrease. The market cap of Ethereum also fell to $363 million, but trading volume surged to $34 billion, a 36% increase since yesterday. The $2,800 level is seen as a crucial support zone for Ethereum, with buyers needing to maintain this level to retain control over the asset.
Shiba Inu (SHIB), a decentralized cryptocurrency known for its vibrant community, experienced a 52% drop in price from $0.000045 to $0.00002175. With a market cap of $12.8 billion, SHIB remains the twelfth largest cryptocurrency asset. Buyers looking to rebound from the correction trendline must breach the pattern’s resistance trendline to potentially propel the price back to $0.0000456.
Celestia (TIA), a blockchain project simplifying the creation and deployment of decentralized applications, entered a correction trend in early February. The TIA coin saw a 65% downfall in two months but showed resilience to the recent market sell-off, rising 47% within two days to hit $10.67. A breakout above downsloping trendlines is needed for sustainable recovery in TIA.
Overall, the cryptocurrency market witnessed significant outflows over the weekend due to the Bitcoin ETF outflow and geopolitical tensions in the Middle East. While the market FUD is accelerating selling pressure, the upcoming Bitcoin halving has kept the broader trend bullish. Investors are advised to stay informed and monitor market developments closely.
