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KCS, STABLE, and PIPPIN are today’s top losers after the latest attacks.
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Summarize with AI
Summarize with AI
Bitcoin’s price moves took another turn for the worse in the past few hours after Israel attacked Iran, and then US President Trump confirmed his country was also involved.
Numerous altcoins have bled out heavily, while Binance Coin has taken advantage and surpassed XRP in terms of market cap.
BTC Dumps Again
It was already a highly volatile trading week for the primary cryptocurrency as the bears seemed to be in full control by Tuesday. At the time, they pushed the asset south to a multi-week low of $62,500. However, bitcoin rebounded almost immediately and skyrocketed by several grand to $70,000 on Wednesday.
Many analysts speculated whether this was a typical dead-cat bounce, which turned out to be the case. At first, BTC slipped to around $68,000, where it spent most of Thursday and Friday. However, the situation worsened once again on Saturday morning when Israel launched a “preemptive” attack against Iran and issued a state of emergency.
In minutes, BTC plunged to under $62,800 before it recovered some ground to $63,400 as of press time. US President Donald Trump confirmed that the US was also involved in the attacks, and more volatility is expected later today as the situation unravels.
As of now, bitcoin’s market cap has slid to $1.275 trillion on CG, while its dominance over the alts is below 56%.
BTCUSD Feb 28. Source: TradingViewAlts Bleed
The graph below will show the painful reality in the altcoin space, in which almost all assets are deep in the red. ETH has plunged by $200 in the past few days to $1,850. XRP was surpassed by BNB after a 9% drop, while SOL has slumped by double digits to under $80.
ADA, HYPE, BCH, DOGE, CC, LINK, and XLM have plummeted hard as well. Declines of up to 20% are evident from KCS, PIPPIN, and STABLE, while stablecoins linked to gold are in the green.
The total crypto market cap has erased over $100 billion in the past day or so and is deep below $2.3 trillion on CG.
Cryptocurrency Market Overview Daily Feb 28. Source: QuantifyCryptoBinance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
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Source: https://cryptopotato.com/altcoins-bleed-out-after-trump-confirms-attacks-against-iran-btc-down-to-63k-weekend-watch/
