Cryptocurrency markets experienced a downward correction following reports of new violent strikes between the US and Iran. Bitcoin dropped under $76,500 for the first time in ten days, while the broader digital asset market faced widespread retracements.
Bitcoin previously experienced a significant breakout starting on August 19, surging by over $16,000 to top $81,000 on a couple of occasions last week. After facing resistance around $79,000 and navigating a brief drop to $77,000 following a speech in Jackson Hole by Federal Reserve Chair Kevin Warsh, BTC recovered ground over the weekend.
Bitcoin tapped $79,000 on Sunday evening before news of the US and Iran resuming strikes caused a two-thousand-dollar dip. Although bulls briefly pushed the asset back to $79,000 on Tuesday, subsequent reports of further violent strikes drove the cryptocurrency down below $76,500 for the first time since August 23.
As of writing, Bitcoin trades around $77,000 with a market capitalization below $1.55 trillion. Its market dominance has declined slightly to 59.6% on CoinMarketCap.
The total cryptocurrency market capitalization decreased by nearly 1% over a 24-hour period to $2.6 trillion, with the majority of larger-cap altcoins trading in the red. Ethereum dropped below $2,400 following a 2% daily decline, while XRP, SOL, TRX, HYPE, ZEC, DOGE, XMR, and LINK also recorded losses.
Despite the broader market correction, a few assets bucked the trend. Uniswap surged by almost 10% to exceed $6.2, while mid- and lower-cap altcoins such as FIL, BTW, and SKY posted gains of 14%, 13%, and 6%, respectively.
