Bitcoin suffered a loss of 1.09 percent on Tuesday, October 10, when it traded at the price of $27,590 (approximately Rs. 22.9 lakh). In the midst of the ongoing war between Israel and Gaza, Bitcoin saw a reduction in its prices. This decline in the value of BTC, along with the ongoing geopolitical tensions, has impacted the price of most cryptocurrencies. Last week, Bitcoin was trading around the price of $27,553 (approximately Rs. 22.9 lakh) and since then, the crypto asset has not seen any major changes in its pricing.
Ether saw a dip along with Bitcoin on Tuesday. After losing 2.94 percent, Ether’s value currently stands at $1,583 (approximately Rs. 1.30 lakh).
“The crypto market continues to experience mild selling pressure as riskier asset classes decline due to the conflict between Israel and Hamas. The market attributes ETH’s dip to the sale of dedicated ETH tokens by the Ethereum Foundation. The Foundation does this periodically to cover its operational costs, which also creates a temporary sell-off in the market,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
Commenting on the market situation, Chaturvedi also noted that the top ten cryptocurrencies by market capitalization are facing losses on Tuesday.
These altcoins include Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron and Polygon – all of which are currently trading in dips.
Shiba Inu, Chainlink, Avalanche, Leo, Stellar, Monero and Cosmos also posted small but notable losses.
The total market capitalization of the crypto sector has fallen by 1.56 percent in the past 24 hours. At the time of writing, the crypto market’s valuation stood at $1.07 trillion (approximately Rs. 89,04,272 crore), according to CoinMarketCap. However, the crypto fear and greed index continues to maintain its position in the neutral zone with a score of 50/100.
Of a handful of cryptocurrencies that did manage to maintain small gains, USD Coin, Bitcoin Cash, Binance USD, Cartesi, Bitcoin Hedge, and Status marked their names.
Israel declared it was at war with Palestine after missiles and rockets were fired into Israel by the Hamas Militant group on October 6, killing hundreds of Israeli residents. The matter escalated after Israel also launched an attack on Palestine in retaliation. In the past four days, approximately 1,500 people have reportedly been killed in this war.
A number of crypto companies have come together to launch a crypto tool for Israel, where people can donate relief funds in the form of cryptocurrencies, allowing fast cross-border money transfers without service fees.
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