Saturday proved to be a tumultuous day for the world of cryptocurrency, as Bitcoin (BTC) and its counterparts took a sharp nosedive of nearly 10%. The value of the leading digital asset plummeted below $62,000, sending shockwaves through the market. However, just as quickly as it fell, BTC managed to regain its footing and climb back up to around $64,000 at press time.
The digital market was in a frenzy as major assets took a tumble in the last 24 hours. Ether (ETH) dropped 7%, barely scraping the $3,000 mark, while BNB (BNB) and Solana (SOL) also saw significant declines of 9% and 12% respectively, according to CoinGecko. As if in response to the chaos, trading volume surged during this tumultuous time.
Unleashed by the recent market turmoil, the decentralized finance (DeFi) industry has been dealt a heavy blow. The once flourishing sector now faces the grim reality of plummeting prices, triggering a domino effect of liquidations and threatening the stability of certain protocols.
Delving into the world of cryptocurrency, one protocol has captured the attention of many: Ethena. This innovative Ethereum project has introduced USDe, a “synthetic dollar” that mimics the value of the US dollar. With over $2 billion in deposits, Ethena has become a hot topic, but its method for keeping USDe’s value stable has raised some eyebrows, especially in the face of challenging market conditions.
The market was in turmoil on Saturday, with prices plummeting and investors left scratching their heads for a reason. According to the former BitMEX CEO, Arthur Hayes, the culprit behind this chaos may be the looming tax deadline in the U.S. on April 15. In a recent blog post, Hayes warned that a decrease in dollar liquidity, just in time for tax payments, could spell trouble for the market.
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As tensions between Iran and Israel reached a boiling point, the world held its breath as the two nations engaged in a dangerous game of drone and missile strikes. The Iranian government claimed these attacks were in retaliation for an alleged airstrike on their consulate in Damascus, which they believed was orchestrated by Israel. The stage was set for a high-stakes showdown between two powerful adversaries.
The cryptocurrency market soared to new heights as the X (formerly Twitter) account linked to Iran’s Permanent Mission to the United Nations declared the conflict resolved. However, a chilling warning loomed over the digital landscape, as the account threatened a devastating blow if the Israeli regime dared to make another blunder.