Bittime – On April 13, the crypto market witnessed a significant decline, marked by an almost 10% drop inBitcoinand other digital currencies. This decline was triggered by increasing geopolitical tensions in the Middle East, especially Iran's attack on Israel.
Sharp Crypto Market Decline
The crypto market experienced a significant price crash, with some altcoins dropping double digits in response to Iran's actions. Bitcoin, for example, saw a sharp drop of $6,000 within minutes of the attack.
Check Today's Crypto Market:
Impact of Liquidation on Traders
This event resulted in significant losses for traders. Data from Coinglass shows that around $962.40 million was lost, mainly by bullish position holders who suffered losses of $771.76 million. In that comparison, short traders lost $199.63 million due to the market decline.
Further, the DeFi sector witnessed liquidations exceeding $120 million, marking the highest liquidation point of the year, as per Parsec data.
Market Reaction and Buying Opportunities
Analysts at QCP Capital attributed this massive sell-off to Bitcoin's role as a weekend proxy macro hedge, which makes it vulnerable to the full impact of an immediate reaction to the risk-off.
The firm noted that this situation provides an opportunity for traders to buy on market weakness, citing historical profitability in such scenarios during major geopolitical conflicts.
Check Price:
Market Perspective from Experts
Julio Moreno, head of research at CryptoQuant, highlighted that these sales wiped out traders' unrealized profits to zero, which usually signals a market bottom in a bull market. "Following today's selloff, traders' realized profits (purple area) are at their lowest level since early February (10%). Additionally, the price is approaching traders' realized price of $58,000," Moreno added.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What are the Dubai (UAE) Virtual Asset Laws? This is the complete explanation
Saudi Arabia Ready to Launch AI Revolution with US$40 Billion Investment in Ideas
United Arab Emirates Ready to Launch Digital Dirham, New Era of Currency Begins!
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.