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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.
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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.
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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
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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