The crypto market is showing signs of recovery following a crash that saw Bitcoin plunge below $63,000 over the weekend.
At time of publication, Bitcoin (BTC) is up 3.6% on the day, trading at around $66,610, per data from CoinGecko.
However, it remains down over 7% on the week, from a weekly high of over $72,000.
The wider crypto market has recovered alongside the price of Bitcoin, with all of the top 20 cryptocurrencies by market cap (barring stablecoins) up over the past day.
The crypto market’s weekend tumble came amid wider market upheavals, as tensions escalated in the Middle East between Iran and Israel.
The spot gold price spiked to a yearly high of $2,443/oz on Friday, per data from Yahoo!
Oil prices retreated Monday after reaching their highest level since October on Friday in anticipation of Iran’s attack.
As well as macro geopolitical trends, Bitcoin also has its upcoming block reward halving to contend with.
The cryptocurrency market is beginning to recover after a weekend crash that saw Bitcoin fall below $63,000.
As of the time of publication, CoinGecko data shows that Bitcoin (BTC) is up 3.6 percent on the day, trading at approximately $66,610. It is still down more than 7% for the week, though, after hitting a high of more than $72,000.
Stablecoins excluded, all 20 of the cryptocurrencies with the highest market capitalization have increased in the last day, indicating that the broader cryptocurrency market has rebounded in tandem with the price of Bitcoin. All cryptocurrencies now have a $2.54 trillion market capitalization, up 4 points 2 percent.
With a 7 percent increase, Solana (SOL) is the top cryptocurrency among the top 10. It is closely followed by Ethereum (ETH), which is the second-largest cryptocurrency, with a 7 point 2 percent increase, and Toncoin (TON), which has increased by 6 point 8 percent.
The weekend’s decline in the cryptocurrency market coincided with broader market turbulence as tensions between Israel and Iran in the Middle East intensified. When more volatile assets, like cryptocurrencies, trended downward, investors flocked to safe haven assets, like gold.
According to data from Yahoo! Finance, the spot gold price surged to a yearly high of $2,443/oz on Friday in response to expectations of an Iranian strike on Israel. On April 13, the Israeli military intercepted nearly all 300 drones and missiles fired by Iran.
After the attacks, the market as a whole seems to have dismissed concerns about a more widespread escalation, with Iran declaring the situation “concluded” and the U.S. S. President Joe Biden pleaded with Israel to exercise moderation. In advance of Iran’s attack, oil prices rose to their highest point since October on Friday; however, they then fell on Monday.
Apart from the overall geopolitical patterns, Bitcoin will soon experience a halving of its block reward.
