Bitcoin’s price declined toward $75,000 following renewed geopolitical tensions, leading a broader cryptocurrency market retreat. The total market capitalization shed roughly $100 billion since Friday’s high. Major altcoins like Ethereum, Solana, and Cardano followed Bitcoin’s downward trend, while AAVE suffered a significant loss of over 20% due to a hack-related event.
Bitcoin’s rejection at $78,400 continues to haunt the asset as it just dipped toward $75,000. The drop followed the latest escalation of tensions on the Middle East war front, with most altcoins following suit.
The primary cryptocurrency had surged to a ten-week high on Friday after Iran’s foreign minister announced the country had reopened the Strait of Hormuz. Trump later thanked him and made several other claims that appeared as if the US had the upper hand in the negotiations. However, Iran denied all seven of them and seemingly closed the Strait on Saturday.
This resulted in a price rejection and a subsequent correction for Bitcoin. As of now, Bitcoin trades more than $3,000 south from its local peak, and more volatility is expected later today. For now, Bitcoin’s market cap has slipped toward $1.5 trillion, while its dominance over the alts is up to 57.5%.
Most altcoins have mimicked Bitcoin’s performance over the past day, with losses dominating the charts. Ethereum has dipped toward $2,300 after a 3.5% daily decline, while XRP is below the $1.43 resistance and BNB is back to $620.
AAVE has dumped the most from the top 100 alts following the KelpDAO hack, plunging by over 20% to $92. M is down by 18% to $3.50, followed by PUMP and WLD. Pi Network‘s native token was rejected at $0.185 yesterday and now struggles below $0.175 after another substantial decline.
The total crypto market cap is down by $100 billion since Friday and now sits at $2.620 trillion according to market data.
