Crypto Market, $100 Billion Evaporated...Bitcoin Plummets, Altcoins Collapse in Succession

▲ Cryptocurrency decline/ChatGPT generated image

Fear spread through the market as Bitcoin (BTC) plummeted more than $3,000 from its peak due to the Middle East crisis.

CryptoPotato, a virtual asset media outlet, reported on the market situation on April 19 (local time). Bitcoin encountered strong resistance at the $78,400 level. It then retreated to near $75,000. Over the weekend, the total cryptocurrency market capitalization evaporated by approximately $100 billion. This is a result of renewed tensions in the Middle East war.

The altcoin market also showed a unanimous weakness. Ethereum (ETH) fell 3.5% in a single day. Its price dropped to the $2,300 level. XRP failed to break past the $1.43 resistance line. Major tokens such as Solana (SOL) and Dogecoin (DOGE) also all declined.

Pi Network (PI) was rejected at the $0.185 resistance. Its price plummeted by more than 8%, trading below $0.175. Pi Network recently carried out an App Studio upgrade. However, it could not overcome the market's downward pressure. Liquidity concerns are once again spreading among investors.

Aave (AAVE) plunged over 20%, falling to the $92 level. The aftermath of the KelpDAO hacking incident was significant. KelpDAO suffered an asset outflow of approximately $294 million. This is the largest hack recorded this year. Other tokens, including Worldcoin (WLD), also recorded double-digit declines.

The virtual asset market is expected to continue its extreme volatility for the time being. Whether Bitcoin holds the $75,000 support level will determine its future direction. Investor sentiment will only recover once geopolitical uncertainties are resolved. Market participants are closely watching capital flows after the opening of traditional financial markets.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*