The cryptocurrency market continues to experience heightened volatility, which is evident in the elevated liquidation levels across the derivatives market.

Bitcoin has reclaimed the pivotal $100K mark but the broader situation remains uncertain as the industry remains under the heavy influence of macroeconomic and geopolitical events.

Bitcoin Price Bounces to $102K

As we reported yesterday, the conflict between Israel and Iran escalated. The US joined the war and striked three strategic Irany sites, causing immediate turmoil on international markets with crypto being no exception.

In response, Iran threatened to close the Straits of Hormuz a critical chokepoint for oil transport, which resulted in even more highly elevated oil prices.

Amid all of this, Bitcoins price tumbled below $100,000 for the first time since May and reached an intraday bottom at around $98,000.

Alicia BakeryCMO - A really good agencyDid you like this market update?

This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:

Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! The bulls took control, however, and managed ot stage a recovery, with the price currently trading at slightly less than $102,000. The situation remains obviously uncertain, however, and very volatile, which can be seen by the elevated liquidaitons across derivatives markets. Coinglass reports over $600M liquidated in the past 24 hours that figured surpassed $1 billion yesterday.

Source: TradingView

Altcoins Remain Shaky

Some altcoins managed to recover better than BTC throughout the same period, while others remain largely in the red. A notable example here is HYPE, which is up by almost 6% in the past 24 hours, where the broader majority of major altcoins are trading either flat or continue losing value against BTC.

Source: Quantify Crypto Story (IP), alongside Sonic (S), and KAIA are the best-performing cryptocurrencies for the day, up in the range between 7.5% and 10%.

On the other hand, Mantles MNT and Bitget Token (BGB) failed to capitalize on the recovery and are down by 3.7% and 2.9%, respectively.

SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.