Bitcoin has recovered some of its losses, but the whole cryptocurrency market remains extremely uncertain.
The cryptocurrency market remains volatile, as seen by the high levels of liquidation in the derivatives markets.
Bitcoin has recaptured the critical $100,000 threshold, but the overall picture remains unpredictable as macroeconomic and geopolitical developments continue to have a significant impact on the market.
Bitcoin Price Bounces to $102K
As we wrote yesterday, the situation between Israel and Iran is getting worse. The United States joined the conflict and struck three important Iranian installations, generating immediate instability in international markets, including cryptocurrency.
In reaction, Iran threatened to close the Straits of Hormuz, a crucial chokepoint for oil delivery, causing even higher oil prices.
Amid all of this, Bitcoin’s price fell below $100,000 for the first time since May, hitting an intraday low of around $98,000.
However, the bulls regained control and staged a rally, with the price now trading little below $102,000. The situation, however, remains unsettled and volatile, as evidenced by the increased liquidity levels throughout derivatives markets.
Coinglass claims that over $600 million has been sold in the last 24 hours, with the total surpassing $1 billion yesterday.
Altcoins Remain Shaky.
Some altcoins recovered more than BTC throughout the same period, while others remained mostly negative. A notable example is HYPE, which has increased by about 6% in the last 24 hours, while the vast majority of large altcoins are trading flat or losing value against BTC.
The best-performing cryptocurrencies for the day include Story (IP), Sonic (S), and KAIA, with gains fluctuating between 7.5% to 10%.
Mantle’s MNT and Bitget Token (BGB), on the other hand, did not benefit from the recovery and are down 3.7% and 2.9%, respectively.
Also Read: What Does It Mean When Bitcoin Demand Dries Up? (CryptoQuant)