The cryptocurrency market experienced a significant downturn following the recent geopolitical conflict between Iran and Israel. On April 13, Bitcoin's value plummeted by $6,000 within minutes, marking a near 10% drop. This sharp decline, which also saw Ethereum and other major cryptocurrencies fall, resulted in about $962.40 million in market liquidations. The severe reaction was primarily due to the sudden increase in risk-off sentiment among investors, highlighting the market's sensitivity to global events. The incident underlines the volatility and risk associated with cryptocurrency investments, particularly in times of geopolitical instability.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.