- Bitcoin tanked to about $60,900 from about $68K, shredding above 10.3% within the past day.
- Solana, XRP, and ADA witnessed more substantial losses that exceeded 20%.
- Mike Novogratz said following the recent risk flush, Bitcoin will resume its trend higher.
The crypto market witnessed a bloodbath within the last 24 hours, with Bitcoin tanking to about $60,900 from the intraday high of $67,900. While the $7,000 BTC shredded amounted to a 10.3% decline, the broader market witnessed more staggering losses.
In particular, cryptocurrencies like Solana (SOL), XRP, and Cardano (ADA) have witnessed more substantial losses exceeding 20% as Bitcoin retested the $60K threshold. This unexpected bearish market condition has sparked various speculations about its cause by the crypto community.
Notably, the prevailing view suggests that the market tanked in response to the growing global conflict, particularly between Iran and Israel. Billionaire Bitcoin investor Mike Novogratz, CEO of Galaxy, expressed this view in a recent post on X.
Novogratz emphasized that wars have significant monetary and economic implica…
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