Bitcoin, Ethereum and Dogecoin Respond to Fears of War Between Israel and Iran: Legendary Trader Points Out Significance of King Crypto Closing Above $71,000 – Grayscale Bitcoin Mini Trust (BTC) Fractional Beneficial Interest Common Units e undivided (ARCA:BTC)

Major cryptocurrencies plunged on Tuesday as Iran's missile barrage toward Israel raised fears of a full-blown regional war in the Middle East.

What happened: bitcoin fell to a nearly two-week low of $60,370 as Iran launched a missile attack on Israel. The leading cryptocurrency recovered to $61,000 when the attack ended.

Ethereum witnessed a steeper decline, falling to levels not seen since August 19.

Total cryptocurrency liquidations surpassed $521 million in the last 24 hours, the highest figure since the Black Monday crash in August. Nearly $450 million in bullish bets were wiped out.

Bitcoin's open interest fell 4.79% in the last 24 hours, while Ethereum saw a 5.6% drop in funds locked in its futures market.

Market sentiment fell from the “Fear” zone, according to the popular Cryptocurrency Fear and Greed Index, implying significant selling pressure and FUD.

Top winners (24 hours)

The global cryptocurrency stood at $2.14 trillion in the last 24 hours, following a 4.16% contraction in the last 24 hours.

The stock market also took a hit, dampening the huge enthusiasm that emerged last month. He Dow Jones Industrial Average fell 173.18 points, or 0.41%, to end at 42,156.97. He S&P 500 fell 0.93% to close at 5,708.75, while the technology sector Nasdaq Composite ended 1.53% lower at 17,910.36.

Fears of war caused a rise in crude oil prices, with the West Texas Intermediate (WTI) rose 1.66% to $70.86 a barrel. Additionally, spot gold rose over $2,660 per ounce on safe haven demand but later retreated after the missile attack ended.

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Analyst Notes: Legendary merchant Peter Brandt claimed that Bitcoin's recent rally did not challenge its 7-month trend of lower highs and lower lows.

“Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the November 2022 low is still in place,” Brandt added.

Widely followed cryptocurrency commentator, MartyParty He blamed large whales for the intense sell-offs, calling it “pure manipulation” to eliminate bullish long positions using war narratives.

“Whales sell large amounts of cryptocurrencies, red candles cause panic, the price drops, paper hands sell in panic, the same whales buy back and accumulate more tokens. That's the game,” he explained, urging his followers not to fall into this.

Photo by CMP_NZ on Shutterstock

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