Bitcoin (BTC) The price of bitcoin, the most popular digital currency, briefly fell below $62,000 but recovered to $64,000 by the time of publication.
Other major digital assets, such as ether, also saw similar drops over the last 24 hours. (ETH), which dropped 7%, to just below $3,000 BNB (BNB) Solana (down by 9%). (SOL) CoinGecko reports a 12% decline in the value of Bitcoin. The trading volume increased over the same period.
Decentralized Finance (DeFi), a sector that is largely unregulated, has suffered the most from the chaos on the markets. Low prices have forced liquidations of some protocol and caused a potential havoc.
Ethena is one of those protocols that are being watched closely. It’s the Ethereum project, behind USDe – a “synthetic currency” designed to mimic the US dollar. Ethena, the Ethereum project behind USDe (a “synthetic dollar” built to mirror the price of US dollars), has received more than two billion dollars in deposits. However, it employs a controversial system for maintaining USDe’s one-dollar “peg” that hasn’t been tested during such difficult market conditions.
Former BitMEX CEO Arthur Hayes has written that the immediate reason for Saturday’s decline in markets was unclear. In a Blog Post Last week, I predicted that the dollar’s liquidity would fall just before April 15, which is this Monday. He said that lower liquidity would result in lower prices.
There were also declines in the number of Iran launches drones and missile attacks against IsraelIn what it said was the Iranian government’s retaliation against an Israeli airstrike that hit its consulate at Damascus in Syria.
The crypto market began to rebound after the X account (formerly Twitter), which was associated with Iran’s Permanent Mission at the United Nations, said that “the matter could be regarded as concluded” but warned against a more “severe” attack “should Israel regime commit another mistake.”
Kevin Reynolds, Aoyon Ashraf and Kevin Reynolds edited the book.