Cryptocurrency Market Update: Bitcoin and Altcoins Face Downward Pressure amid Geopolitical Tensions
The cryptocurrency market continues to face downward pressure following a volatile weekend, with Bitcoin retreating to the $64,000 level after a brief bounce on Monday. Ether, the second-largest cryptocurrency, struggles to maintain momentum as it hovers just above $3,100, showing signs of struggle in retaining gains made since the market’s selloff on Saturday.
Bitcoin also experiences renewed downside pressure, dropping to $64,200 after nearly reaching $67,000 earlier on Monday. The broader CoinDesk 20 Index reflects a 0.68% increase over the same period. Solana sees a significant reversal of its overnight gains, dropping to around $140 from highs of $155 early Monday morning.
Geopolitical tensions have influenced market sentiment, with the crypto market plunging over the weekend following Iran’s bombing campaign on Israel. Despite initial turmoil, some stability has returned to the market.
Trading house QCP Capital notes that historically, buying the dip during major geopolitical conflicts has been profitable. As Bitcoin’s halving event approaches on April 19, traders anticipate a potential short-term “sell the news” reaction before and after the event.
Despite setbacks in the broader market, some altcoins continue to see significant gains on Monday. Ondo Finance (ONDO) is up 15% over the past 24 hours, while Render’s RNDR and The Graph (GRT) rose by 12% and 9%, respectively.
Overall, the cryptocurrency market remains volatile as investors navigate geopolitical tensions and upcoming events. Stay tuned for more updates on the market’s performance.
