On Saturday, Bitcoin and other major cryptocurrencies saw significant decreases in their value. Bitcoin, the largest digital currency, dropped by almost 10%, briefly falling below $62,000 before rising to around $64,000 later. Similarly, other major cryptocurrencies like ether, BNB, and solana also experienced falls in the past 24 hours. CoinGecko reported that trading volume increased during this period.

The decentralized finance sector was heavily impacted by the market turmoil, leading to lower prices and potential liquidations in some protocols. Ethena, an Ethereum project responsible for creating USDe, a synthetic dollar, faced challenges in maintaining its peg to the US dollar due to adverse market conditions.

The exact reason for the market decline on Saturday remains unknown. Former BitMEX CEO Arthur Hayes suggested in a blog post that a decrease in dollar liquidity before the U.S. tax deadline on April 15 could lead to lower cryptocurrency prices.

Additionally, tensions rose as Iran launched drone and missile attacks against Israel in retaliation for an airstrike on its consulate in Syria. However, the situation seemed to calm down after a statement from Iran's Permanent Mission to the United Nations. Prices in the crypto market began to recover following this development, though the potential for further conflict remained.