The overall volume of the crypto market declined by 5.2% in the last 24 hours. At the time of this writing, BTC's total market capitalization has dropped to about $2.75 trillion.
Total liquidity in the derivatives market also jumped above $500 million for the period. Mostly driven by the actions of BTC investors and traders. At the same time the situation is not better in the altcoin segment.
Bitcoin price fell sharply to a low of $60,170 earlier today before trading at $61,256. The last time it traded at $60k was last September 18th.
Traders who buy back are moving fast but not enough. They triggered a recovery up to the current price around $61,500.
Unfortunately, much of the positive momentum built in the last week of September is now being tested. The main change in direction appears to be the rise in tensions in the Middle East. In response to the previous attack, Iran launched a missile attack consisting of more than 200 ballistic rockets against Israel.
Market participants are concerned that a full-scale war may affect prices, and it appears that investors and traders are taking precautions by moving away from high-risk assets such as Bitcoin. On the other hand, the price of gold is seen to increase.
This fall is not limited to Bitcoin alone. In fact, the major cryptocurrency fell around 4% on the day, while altcoins posted even bigger declines. For example, large-cap cryptocurrencies such as ETH, SOL, XRP, BCH, TON, ADA, DOT, etc., are all down between 6% to 10%.
The only exception today was the SUI, which remained stable with no price changes. The worst performer of the day was Arweave (AR), which fell 15.7%, followed by Starknet (-14.9%) and Notcoin (-14.4%).