Bitcoin falls 8% in five days; here are 4 reasons behind the plunge
Bitcoin tumbles nearly 8%, settling at $63,000 from March-April highs amid the Israel-Iran crisis Over the past 24 hours, the global cryptocurrency market experienced a 4.1% decrease, reaching approximately $2.29 trillion in market capitalization. Presently, the total volume within the DeFi sector stands at $9.35 billion, accounting for 7.92% of the entire cryptocurrency market's 24-hour trading volume. Meanwhile, the collective volume of stablecoins amounts to $110.24 billion, constituting 93.37% of the total 24-hour trading volume in the cryptocurrency market, as reported by CoinMarketCap.
Within the same timeframe, Bitcoin's market capitalization dropped to $1.239 trillion. Bitcoin's dominance is currently at 54.11%, as indicated by CoinMarketCap. Moreover, Bitcoin's trading volume in the past 24 hours increased by 6.23% to reach $44.77 billion.
Also read: Hong Kong set to approve its first spot bitcoin ETFs in April: Report “After Iran Israel tensions escalated on the weekend, BTC now seems to slowly trade around the halving news as its main fundamental. A strong support seems to be formed at $60k as BTC continues to outperform the majority of the altcoins. To put things into context, one of the most traded crypto-crypto non-stable pair - ETH/BTC has broken down its support at 0.05 BTC per ETH.
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