The latest correction marked the continuation of a trend that started on April 12 and worsened the next day. This stance is driven by sticky inflation levels, which are causing unease domestically and influencing expectations regarding policy adjustments globally. The second drop was due to the growing tension between Iran and Israel, with crypto traders being the first to react to the news since traditional financial markets were closed for the weekend. Bitcoin, at last check, is trading at $64,123, which is still 5% lower than 24 hours ago.
In the seven-day and 14-day timeframes, the loss is 7.5% and 8.6%, respectively. Over 30 days, the price dip amounts to slightly more than 6%. The world’s biggest cryptocurrency by market cap is also down 13% from its highest price ever, which was $73,798 in March, but it’s still more than double what it was a year ago. Per CoinGecko, among the top 100 largest cryptocurrencies by market capitalization, only the Leo token (LEO), Bittensor (TAO), Celestia (TIA), and Wormhole (W) made gains in the last 24 hours.
The crypto data aggregator also indicated that the sector’s total market cap fell by 5.2% to $2.43 trillion following April 13. But despite all this, some analysts say that this drop is normal. Meanwhile, MicroStrategy’s Executive Chairman Michael Saylor reiterated his now-famous line that chaos was good for Bitcoin.
