Crypto Price Today: Bitcoin Holds $70.7k, ETH Dips, DOT Slips as US Imposes Hormuz Blockade; OIL Surges, RAVEDAO Soars 130%

Crypto price today has seen a slight decline, with the global crypto market cap falling by 0.9% in 24 hours. Bitcoin price stands at over $70,700, Ethereum at around $2,185 and DOT at $1.19. RaveDAO has shot up 190% to $6.18 amid broader weakness. Tensions increased in the Strait of Hormuz and OIL surged 9.5% to hit highs of $105.

Crypto Prices Slides as Bitcoin Holds $70.7K, ETH and XRP See Mild Corrections

Crypto prices slipped over the past 24 hours, bringing total market capitalization near $2.41 trillion.The crash seems to be heavily motivated by a sell-off by Bitcoin and deteriorating short-term sentiment. 

Bitcoin price remains above over $70,700 amidst wider softness in the market. The leading crypto currency was briefly down but was able to make a gradual recovery.

Ether price also experienced a slight correction and it is now trading around $2,185. XRP price is moving around the critical level of support of $1.30. 

ETF flows provided an opposite signal to the weakness in the short term. Last week Bitcoin spot ETFs recorded net inflows of 786.31 million. Ether ETFs secured new money in the amount of 187.07 million. XRP products experienced net inflows of $11.75 million. Nevertheless, Solana ETFs accrued outflows of $5.62 million.

In the future, the support range of Bitcoin between $70,000 and $70,500 is crucial. A push above this range may enable a retest to around $72,000-$75,000 according to the full Bitcoin forecast report. The 200-day moving average around $70,000 can be revealed in case of a long-term breakdown.

US Imposes Hormuz Blockade; Oil Spikes 9.5% to $105

The situation worsened when the United States blockaded the Strait of Hormuz. This was a move following the stalling of peace talks with Iran. The White House has cited the nuclear program of Iran as the main issue.

Bitcoin price responded quickly, briefly approaching the levels of about $70,703 and then stabilized. Initial reports triggered heightened volatility across Crypto prices. Futures in the U.S. were opened and the markets were active. U.S. futures opened, and market activity increased. The oil prices shot up by 9% to 105 per barrel in minutes.

The energy markets have been confronted with six weeks of uncertainty in regard to Hormuz disruptions. The strait processes almost one-fifth of world oil trade. The oil spurt brings to the fore the degree to which digital assets are tracking the general risk mood.

RaveDAO Price Soars 190% to New ATH After Coinbase Listing

RaveDAO stood out as the best-performing company in the market, which was largely weak. In 24 hours, RAVE surged about 190% to trade at an of $6.18. The token also registered over 2,200% returns over the last one week.

The rally was after an announcement of a Coinbase listing. Premarket data revealed that 74% of Binance traders were in the short. That disequilibrium precipitated violent liquidation when the buying pressure would be heightened.

Short positions of about $17 million were sold off in 24 hours. Only 24% of the token’s one billion supply currently circulates.  RaveDAO shot up on speculative momentum despite a general drop in Crypto prices.

Polkadot Drops After Bridge Exploit; Hackers Mint 1B Unbacked DOT Tokens

Polkadot price declined 3.11% over the past 24 hours, trading near $1.19. The selling pressure was increased when reports of a bridge exploit were made. 1 billion unbacked DOT tokens were minted on Ethereum by hackers. The tokens were then dumped, straining the sentiment in the near term.

Security company Certik cited a Hyperbridge gateway weakness as the cause of the breach. Attackers are said to have faked messages and abused contract management capabilities. This adventure raked in a profit of an estimated 237,000.