"Crypto assets reduced to a tool for 'short bets' on weekend bad news"

Uk Jin

Summary

It reported that the crypto-asset (cryptocurrency) market is broadly weakening due to U.S. and Israeli strikes on Iran.
Arthur, CEO of Defiance Capital, said crypto assets have become a short-hedging tool for traditional finance when negative weekend events occur.
It reported that Bitcoin (BTC) fell about 6% and major altcoins such as Ethereum (ETH) also declined in tandem.

Forecast Trend Report by Period

The crypto-asset (cryptocurrency) market is broadly weakening after U.S. and Israeli strikes on Iran. Some argue that, unlike traditional finance, the always-open crypto market bore the full brunt of negative weekend developments.

On the 28th (Korea time), Arthur, CEO of Defiance Capital, wrote on X (formerly Twitter), "It’s sad that crypto has become a short-hedging tool for traditional finance when negative weekend events occur."

His remarks are seen as referring to the broad sell-off across the crypto market as U.S. and Israeli strikes on Iran began that day. Bitcoin (BTC) slid intraday to the $63,000 level, down about 6% from the previous day. Major altcoins, including Ethereum (ETH), also fell in tandem.