Bitcoin Falls $3 and PI Token Plummets Following Middle East Tensions
- Bitcoin drops more than $3.000 after Iranian rejection of negotiations.
- PI Network plunges 8% and struggles below $0,175
- Crypto market loses $100 billion since Friday
The weekend brought instability to the cryptocurrency market, with Bitcoin registering a significant drop after new geopolitical tensions in the Middle East shook investor confidence. The world's largest cryptocurrency fell by more than $3.000 from its local peak of $78.400, reached on Friday.
The week had started turbulently. Last weekend, BTC had plummeted from $73.600 to less than $70.500 after the failure of initial negotiations between the United States and Iran. On Tuesday night, however, the currency rebounded and rose to $76.000 amid reports that the parties were finding some common ground.
The asset fluctuated between US$73.200 and US$75.500 for a few days, until buyers dominated the market and pushed the price to US$78.400 on Friday. The advance occurred after Iran's Foreign Minister announced the reopening of the Strait of Hormuz.
US President Donald Trump publicly thanked the Iranian Foreign Minister and made a series of statements suggesting American leverage in the negotiations. Iran, however, denied all seven claims and apparently closed the Strait again on Saturday, triggering a sharp price rejection in BTC.
As a result, Bitcoin's market capitalization fell to around $1,5 trillion, while its dominance over altcoins rose to 57,5%.
Altcoins also felt the weight of the correction. Ethereum fell to $2.300, with a daily drop of 3,5%. XRP is trading below the $1,43 resistance, and BNB has returned to the $620 range. SOL, ADA, DOGE, LINK, and AVAX are also registering significant losses.
AAVE leads the declines among the top 100 cryptocurrencies, falling more than 20% to $92 after the KelpDAO hack. The M token is down 18%, at $3,50.
The PI Network, the native token of the Pi Network, was rejected at $0,185 and is now trading below $0,175, accumulating a drop of over 8% in the last few hours.
The total capitalization of the crypto market is at US$2,620 trillion, a decrease of US$100 billion since Friday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ripple Initiates Major XRP and RLUSD Payments Integration
VanEck criticizes Metaplanet over executive dilution despite compensation cuts
Charles Hoskinson Predicts Crypto Will Eat AI: What's His Reasoning?
Injective Price Breaks Higher as ETF Staking Plans and Phantom Integration Fuel Market Buzz
