Bitcoin fell sharply after a tentative ceasefire between the US and Iran broke down, erasing a week of geopolitical gains. The cryptocurrency dropped over $2,000 in minutes to trade near $71,500 as most major altcoins followed into the red. In a stark contrast, the token for RaveDAO has skyrocketed by over 1,000% in the past week, cementing its new position among the top 100 altcoins by market capitalization.
Bitcoin’s price increase that began after the US and Iran announced a two-week ceasefire came to an end earlier this morning. The asset dumped by over two grand in minutes after US Vice President Vance announced both sides had failed to reach a permanent peace agreement.
Most altcoins have followed suit, with Ethereum sliding toward $2,200 and HYPE, ADA, BCH, and LINK marking more substantial declines. Even more profound losses are evident from RAIN and DOT according to market data.
In contrast, RaveDAO’s native token, RAVE, has exploded by another 40% today. The asset has gained more than 1,000% since last Sunday and is now well within the top 100 alts by market cap.
Bitcoin rocketed to over $72,000 earlier in the week after President Donald Trump announced the ceasefire. It climbed further as the Financial Times suggested Iran would want BTC payments from ships passing through the Strait of Hormuz.
As of now, bitcoin stands at $71,500 after a 1.5% daily decline. The total cryptocurrency market capitalization is down by over $30 billion to approximately $2.51 trillion.
