Bitcoin Drops to 10-Day Low, Altcoins Retrace Following New US-Iran Attacks: Market Watch

Bitcoin was rejected on a few occasions at $79,000 in the past several days, and the latest leg down pushed it to under $76,500 for the first time since August 23.

The most evident reason behind this correction, which has impacted numerous altcoins as well, comes from the Middle East, where the US and Iran initiated new violent strikes against each other.

BTC Slips

The primary cryptocurrency’s major breakout that began on August 19 led to a massive surge of over $16,000, driving it to over $81,000 on a couple of occasions last week before the bears stepped up and halted the move. The subsequent retracements were quite modest aside from the Friday drop to $77,000 after the hawkish speech from Jackson Hole by the new Fed Chair, Kevin Warsh.

Nevertheless, BTC’s more positive sentiment prevailed in the following days, and the asset managed to recover some ground during the weekend. It even tapped $79,000 on Sunday evening before the US and Iran resumed the strikes against each other, and bitcoin dipped by two grand.

The bulls intervened once again on Tuesday, pushing the cryptocurrency to $79,000 once again. However, another leg down followed that drove BTC to $76,500 for the first time in ten days. This came after reports that the US and Iran had carried out more violent strikes.

BTC remains at $77,000 as of now, with its market cap of under $1.550 trillion. Its dominance over the alts has also declined slightly to 59.6% on CoinMarketCap.

FIL, UNI, BTW Defy the Trend

The larger-cap alts are almost all in the red. Ethereum is down below $2,400 after a 2% daily decline; XRP has slipped further away from $1.35; SOL is slightly below $100. TRX, HYPE, ZEC, DOGE, XMR, and LINK are also in the red. Uniswap is the only notable exception, surging by almost 10% to over $6.2.

There are also other gainers from the mid- and lower-cap alts, such as FIL (14%), BTW (13%), and SKY (6%). Most other alts have retreated over the past day.

The total crypto market cap is down by almost 1% daily to $2.6 trillion on CMC.