July 21, 2024

Bitcoin Price Drops as Altcoins Remain Bearish Amid Israel-Gaza Conflict

The price of Bitcoin experienced a slight decrease of 1.09 percent on Tuesday, October 10, reaching a trading price of $27,590. This reduction in Bitcoin’s value can be attributed to the ongoing conflict between Israel and Gaza, which has had a ripple effect on the prices of other cryptocurrencies as well. Last week, Bitcoin was trading at around $27,553, and since then, it has remained relatively stable.

In addition to Bitcoin, Ether also saw a dip in its value. After a loss of 2.94 percent, Ether is currently priced at $1,583.

The crypto market has been facing selling pressure, with riskier asset classes experiencing a decline due to the Israel-Hamas conflict. Experts believe that the selling of allocated ETH tokens by the Ethereum Foundation is also contributing to Ether’s dip. The foundation periodically sells these tokens to cover its operational costs, leading to a temporary sell-off in the market, according to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

Chaturvedi also pointed out that the top ten cryptocurrencies by market cap are all trading in losses on Tuesday. This includes altcoins like Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron, and Polygon, which are all experiencing a downtrend. Other cryptocurrencies, such as Shiba Inu, Chainlink, Avalanche, Leo, Stellar, Monero, and Cosmos, have also seen minor losses.

The overall market capitalization of the crypto sector has decreased by 1.56 percent in the last 24 hours, with a valuation of $1.07 trillion. Despite this, the crypto fear and greed index remains neutral with a score of 50/100.

While many cryptocurrencies are trading in the red, a few have managed to retain minor profits. USD Coin, Bitcoin Cash, Binance USD, Cartesi, Bitcoin Hedge, and Status are some of the cryptocurrencies that have experienced slight gains.

The Israel-Gaza conflict has escalated, with Israel declaring a state of war after being targeted by rockets and missiles from the Hamas Militant group. The retaliatory attack by Israel has caused a significant loss of life and heightened tensions in the region.

To provide aid to Israel during this crisis, several crypto companies have joined forces to launch a crypto donation platform. This platform allows people to donate relief funds in the form of cryptocurrencies, enabling quick cross-border transfers with no service fees.

As the conflict continues, the crypto market remains uncertain, with prices largely influenced by geopolitical events and market sentiment.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it