The tension, and more specifically the recent signs of de-escalation, in the Middle East have sparked another wave of volatility across the broader cryptocurrency market.
Recall that on April 22, Bitcoin (BTC) shot above $78,000 after US President Donald Trump revealed that the ceasefire with Iran had been extended. The sudden uptrend negatively affected traders who had opened too risky positions with high leverage, as liquidations over 24 hours reached almost $500 million.
The uptrend continued, and BTC briefly climbed above $79,500 (the highest level since late January) but couldn’t reclaim the psychological $80,000 level and retraced below $78,000. The past 24 hours saw another resurgence, with the valuation once again pumping beyond $78K.
Meanwhile, POTUS recently revealed that the Israel-Lebanon ceasefire will be extended by three weeks after talks at the White House. The temporary peace could further calm investors and create conditions that support a continued recovery in the crypto sector.
While BTC has spiked 4% over the past week, many altcoins have posted much more substantial gains. The trending MemeCore (M) is up 24% after hitting a new all-time high above $4.60 and solidifying its position as the second-biggest meme coin.
Monero (XMR), Zcash (ZEC), and Stellar (XLM) are also well in green territory, soaring between 5% and 9%. On the contrary, Aave (AAVE) and Worldcoin (WLD) have plummeted by 17% each over the last seven days.
Cryptocurrency Market Overview Weekly April 24; Source: QuantifyCrypto
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