Bitcoin briefly surged past $70,000 early Monday before retreating, as geopolitical tensions surrounding Iran influenced the market. Most major altcoins followed BTC into negative territory, erasing gains from the prior day. Notable exceptions included CC and ZEC, which posted gains of over 5% amid the broader downturn.
Bitcoin’s price surged on Monday morning to mark a multi-day peak at over $70,000 before it was rejected. The asset then dipped to around $69,000, coming after reports emerged that the US and Iran could reach a ceasefire deal soon.
However, there’s no indication for such a development as of press time, and a key geopolitical deadline expires later today. Unless he moves it (again), there could be intense attacks against the Middle Eastern country’s key infrastructure, the report stated.
Most larger-cap altcoins have turned red on a daily scale now. Ethereum has slipped back toward $2,100, while BNB is close to dipping beneath $600.
Cardano, XRP, and Avalanche are among the assets that dropped the most from this cohort. In contrast, CC has risen by over 5.5% and ZEC is close to $270 after a 5% surge.
The total cryptocurrency market capitalization has shed around $30 billion since yesterday’s peak. It now stands at approximately $2.440 trillion according to data from CoinGecko.
