A surge in tensions in the Middle East has triggered a broad cryptocurrency market correction, erasing roughly $100 billion in total value. Bitcoin fell toward $70,000 after being rejected at $74,000, while most major altcoins also declined. The most dramatic move was seen in Pi Network‘s token, which plunged over 30% in 24 hours, nearly erasing its recent gains following a listing on the Kraken exchange.
Bitcoin’s price rally to $74,000 came to a quick halt, and BTC is close to breaking below $70,000 after the latest massive attacks against Iran. The quickly escalating situation in the Middle East continues to impact most of bitcoin’s price moves.
Its market cap has declined to $1.410 trillion, while its dominance over the alts is slightly below 57% on CG. Meanwhile, most larger-cap alts are also in the red, but in a significantly less violent manner.
Pi Network’s native token has been the most volatile in the crypto industry lately. After rocketing to $0.30 yesterday on the hype of the big listing on Kraken, the token has plummeted by over 31% as of now.
Meanwhile, ETH is beneath $2,100 after a 1.3% daily drop, and BNB is down to $650 after a 2% decline. ADA has dumped by over 4%, while CC has defied the market-wide correction, with a 5% increase to $0.155.
The total crypto market cap has erased roughly $100 billion since yesterday’s peak and is down to $2.480 trillion on CG.
