Bitcoin Falls to $60,000, But These Altcoins Crashed Harder (Market Watch)

The total cryptocurrency market capitalization crashed by 5.2% in the last 24 hours. It is currently down to about $2.75 trillion.

Total settlements in the derivatives market also exceeded $500 million during the period. Most of them came from BTC traders, but the situation is no better in the altcoin segment.

Bitcoin Price Falls to $60,000, Bulls Enter

Bitcoin price plummeted to a local low of $60,170 today. The last time it traded at this level was on September 18.

Fortunately, the bulls reacted quickly. They arranged a recovery from the current price of about $61,500.

Source: TradingView

Unfortunately, much of the positive momentum that was built in the last week of September is now under scrutiny. The major change in direction appears to stem from escalating tensions in the Middle East. In response to the earlier attacks, Iran launched a missile barrage consisting of more than 200 ballistic rockets against Israel. Most of them were neutralized, but the latter has stated that he will respond.

Market participants are worried that an all-out war could affect prices and are apparently hedging by liquidating risky assets like Bitcoin. Gold prices, on the other hand, are rising.

Investors are literally selling #Bitcoin to buy #or as geopolitical tensions rise. pic.twitter.com/ib7c38K75K

— jeroen blokland (@jsblokland) October 1, 2024

Altcoins in deep red

The fallout is far from limited to Bitcoin. In fact, the main cryptocurrency is down 4% on the day, while altcoins are posting much bigger declines.

For example, large-cap coins such as ETH, SOL, XRP, BCH, TON, ADA, DOT and more have dropped between 6% and 10%.

The only one that is currently an exception to the rule is SUI, which is traded at the same time.

Source: Quantify Crypto

The worst performer today is Arweave (AR), down 15.7%, followed by Starknet (-14.9%) and Notcoin (-14.4%).

It is interesting to see if the ongoing geopolitical tensions will continue and how they will affect the crypto markets.

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