Selling pressure in the cryptocurrency market intensified over the past 24 hours, APA-Economics reports.
On CoinMarketCap, the global cryptocurrency market capitalization declined by 5.59% over the last 24 hours, falling to $2.29 trillion.
The price of Bitcoin, the largest cryptocurrency by market value, dropped by 6.11% to $66,365. The price of Ethereum, the second-largest cryptocurrency, fell by 7.76% to $1,841.
Among other major cryptocurrencies, the price of BNB declined by 7.71%, Bitcoin Cash by 15.26%, Bittensor by 11.31%, and Monero by 4.43%.
Among gold-backed tokens, PAX Gold fell by 0.31% and Tether Gold by 0.44%. Meanwhile, Zcash posted positive performance, rising by 7.44%.
The CoinMarketCap 20 Index (CMC20), which reflects the overall condition of the market, also declined by 6.27% to 136.27 points.
According to analysts, the decline in the cryptocurrency market was driven by renewed tensions between the United States and Iran, investors moving away from risky assets, and mass liquidations across the market. Over the past 24 hours, approximately $766 million worth of positions were forcibly liquidated in the cryptocurrency market. The fall of Bitcoin to its lowest level in the past seven weeks also intensified selling pressure.
Market participants are closely monitoring developments in the U.S.-Iran confrontation and its impact on global financial markets. Against the backdrop of rising geopolitical risks, investors’ preference for safer assets continues to put pressure on cryptocurrencies.
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