Recovery Tendency in Cryptocurrencies After the Sharp Fall on the Weekend – There is a recovery trend in cryptocurrencies, which worried investors after the sharp decline over the weekend. Volatility in asset prices increased as Iran's retaliatory attack on Israel over the weekend raised fears of a wider regional conflict and dampened investors' appetite for risk. Bitcoin recorded a rapid decline due to the tension between Iran and Israel, falling to 59 thousand 500 dollars.
Strong Start in the Cryptocurrency Market with ETF Approval from Hong Kong
However, after the sharp drop over the weekend, the cryptocurrency market started the week strong with the spot Bitcoin Exchange Traded Funds (ETF) approval news from Hong Kong. Accordingly, with the approval of the ETFs in question yesterday, Bitcoin exceeded 66 thousand dollars. The daily rise in the world's largest cryptocurrency exceeded 3 percent.
Ethereum, on the other hand, rapidly broke the level of $ 3 and fell to $ 515 due to the developments in the Middle East. However, with the news of the approval of ETFs in Hong Kong, it rose above $ 2. Solana, whose price rapidly dropped to $824 with the negative news, rose above $3 after regaining the $200 resistance zone.
- BIG LOSS IN ALTCOINS
Altcoins suffered even greater losses. According to his analysis, many altcoins such as SOL, XRP, BNB, DOGE, SHIB, AVAX showed double-digit declines. The total cryptocurrency market cap has decreased by approximately $200 billion in one day and by $400 billion since Friday morning.