Sui (SUI) edges lower by over 5% at press time on Friday, concurrent with the broader crypto market crash due to the escalation of the conflict between Israel and Iran.
The sudden sell-off prints multiple bearish candles in the daily price chart, while Open Interest plummets to a level last seen in April. As risk-off sentiment prevails in the cryptocurrency market, the SUI price forecast indicates dire downside risk.
Bitcoin (BTC) price edges below $105,000 at the time of writing on Friday, extending the consecutive two-day drop this week. The largest cryptocurrency by market capitalization enters a cautious stance as tensions between Israel and Iran weigh on global risk sentiment. This increase in risk aversion has triggered a wave of liquidations exceeding $1.15 billion across cryptocurrency markets. Despite the overall gloomy market mood, public companies’ demand for BTC continues to strengthen as of this week.
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Bitcoin (BTC) and the broader crypto market declines in the early European session on Friday, with the top crypto by market capitalization sliding 3.2% in the last 24 hours, alongside Ethereum (ETH) and Solana (SOL), which dips 9% and 10%, respectively. Despite the declines, HashKey Capital partner Han Xu stated that the crypto bull market looks poised for further upside, with the upcoming end of quantitative tightening (QT) and rising M2 supply signaling a potential return to bullish action.