Share this article
Bitcoin Falls 8%, Drops Below $62K Before Rebound
Other major cryptocurrencies saw similar declines.
Updated Apr 13, 2024, 10:51 p.m. Published Apr 13, 2024, 10:49 p.m.
Make us preferred on Google
Bitcoin and the broader cryptocurrency market fell nearly 10% on Saturday, with the price of the largest digital asset briefly falling below $62,000 before recovering to around $64,000 as of press time.
It wasn't alone: other major digital assets saw similar falls over the past 24 hours, including ether , which fell 7% to just under $3,000, BNB (down 9%) and solana (down 12%), according to CoinGecko. Trading volume has risen over that same time period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The decentralized finance (DeFi) sector has been hit particularly hard as a result of the market chaos, with depressed prices forcing liquidations and raising the potential of havoc for some protocols.
Among the protocols being closely watched is Ethena, the buzzy Ethereum project behind USDe, a "synthetic dollar" built to mirror the price of the US dollar. Ethena has attracted more than $2 billion in deposits, but it uses a controversial method for maintaining USDe's one-dollar "peg" that hasn't been tested under such adverse market conditions.
The immediate cause of Saturday's market declines was not clear, though former BitMEX CEO Arthur Hayes wrote in a blog post last week that dollar liquidity would drop right before tax payments are due in the U.S. on April 15 – this coming Monday. Lower liquidity would lead to lower prices, he said.
Read more: Bitcoin Could Slump Around Reward Halving Time, Arthur Hayes Says
The declines also came as Iran launched drone and missile strikes against Israel, in what the Iranian government said was retaliation for an airstrike on its consulate in Damascus, Syria that it attributed to Israel.
Crypto market prices began to recover after the X (formerly Twitter) account associated with Iran's Permanent Mission to the United Nations said "the matter can be deemed concluded," though it warned of a "considerably more severe" attack "should the Israeli regime make another mistake."
Conducted on the strength of Article 51 of the UN Charter pertaining to legitimate defense, Iran’s military action was in response to the Zionist regime’s aggression against our diplomatic premises in Damascus. The matter can be deemed concluded. However, should the Israeli…
— Permanent Mission of I.R.Iran to UN, NY (@Iran_UN) April 13, 2024
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
