Cryptocurrency Market Stagnates Amid Ceasefire Hopes in the Middle East
Bitcoin, Ethereum, XRP, Dogecoin Move Sideways: Analyst Says Middle East Ceasefire 'Best Trigger' For Crypto Market Strength

Image: Benzinga
Major cryptocurrencies like Bitcoin and Ethereum showed minimal movement on Thursday, with Bitcoin priced at $77,336.44 and Ethereum at $2,127.64. Analysts suggest that a ceasefire in the Middle East could significantly boost the crypto market by easing macroeconomic pressures.
- 01Bitcoin's price fell by 0.76% to $77,336.44, while Ethereum decreased by 0.73% to $2,127.64.
- 02The global cryptocurrency market capitalization reached $2.59 trillion, reflecting a 0.89% increase over the past 24 hours.
- 03Analyst Michaël van de Poppe believes a Middle East ceasefire could trigger a rebound in altcoins by lowering oil prices and U.S. Treasury yields.
- 04Approximately $100 million in liquidations occurred in the last 24 hours, split evenly between long and short positions.
- 05The Crypto Fear & Greed Index indicates a prevailing 'fear' sentiment among traders.
Advertisement
In-Article Ad
On Thursday, major cryptocurrencies remained stagnant, with Bitcoin declining 0.76% to $77,336.44 and Ethereum falling 0.73% to $2,127.64. Despite the lack of movement in these leading cryptocurrencies, the overall cryptocurrency market capitalization increased to $2.59 trillion, up 0.89% in the last 24 hours. Analysts attribute the market's stagnation to prevailing 'fear' sentiments, as indicated by the Crypto Fear & Greed Index. Notably, about $100 million was liquidated across both long and short positions, highlighting the cautious trading environment. Michaël van de Poppe, a well-known cryptocurrency analyst, stated that a ceasefire in the Middle East could serve as a significant catalyst for the crypto market. He argued that such a ceasefire would alleviate macroeconomic pressures, potentially leading to lower oil prices and U.S. Treasury yields, which would support a rebound in altcoins. Meanwhile, Bitcoin miners are reducing reserves but not aggressively selling, indicating a lack of confidence that the market has reached a bottom.
Advertisement
In-Article Ad
A ceasefire could stabilize oil prices and U.S. Treasury yields, which may lead to increased investment in cryptocurrencies, benefiting traders and investors.
Advertisement
In-Article Ad
Reader Poll
What do you think will happen to cryptocurrency prices if a ceasefire is declared in the Middle East?
Connecting to poll...
More about Coinbase Global Inc.
Read the original article
Visit the source for the complete story.






