Bitcoin rally stalls near $82,000 as Middle East tensions weigh on crypto market

  • Bitcoin’s rally from $75,000 to almost $82,000 stalled as reports emerged of escalating Middle East hostilities involving Saudi Arabia and Iran-backed Houthis.
  • Bitcoin’s market capitalization stood at $1.61 trillion with dominance near 59%, while total crypto capitalization fell about $40 billion to $2.740 trillion.
  • The Senate CLARITY Act vote failed and the Fed and Bank of Japan raised rates; major altcoins mostly declined, while Avalanche and selected tokens gained.

Bitcoin climbed from $75,000 to almost $82,000 despite the U.S. Senate’s failed cloture vote on the CLARITY Act, the Federal Reserve’s first rate increase in more than three years and a Bank of Japan rate hike that lifted rates to a 31-year high. The rally stalled on Saturday evening as reports of escalating hostilities involving Saudi Arabia and Iran-backed Houthis emerged. Bitcoin later traded just above $80,000, with a $1.61 trillion market capitalization and dominance near 59%, while total crypto market capitalization fell about $40 billion to $2.740 trillion. Major altcoins mostly declined, although Avalanche and other tokens gained, and an earlier snapshot showed AR up 41.84%, ENA up 21.74% and AVAX up 17.94%.

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