Cryptocurrency Market Recovers Amid Middle East Tensions
Bitcoin, Ethereum, XRP, Dogecoin Spring Back Even As Iran And Israel Exchange Strikes: Analyst Sees Increasing Possibility Of BTC Bottom
Image: Benzinga
Major cryptocurrencies like Bitcoin and Ethereum saw gains on Sunday, despite escalating conflicts between Iran and Israel. Analysts suggest Bitcoin may be nearing a market bottom as selling pressure eases, with over 10 million BTC currently held at a loss.
- 01Bitcoin's price rose by 2.30% to $63,078.37, while Ethereum increased by 5.50% to $1,681.11.
- 02The global cryptocurrency market capitalization is currently $2.23 trillion, reflecting a 3.53% decline in the last 24 hours.
- 03Analyst Ali Martinez noted that Bitcoin's supply held at a loss has reached 10.46 million BTC, a historical indicator of potential market bottoms.
- 04Iran's recent missile strikes against Israel have intensified geopolitical tensions, impacting market sentiment.
- 05The Crypto Fear & Greed Index indicates prevailing 'Extreme Fear' in the market.
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On Sunday evening, leading cryptocurrencies experienced a rebound despite rising tensions in the Middle East. Bitcoin surged 2.30% to $63,078.37, while Ethereum climbed 5.50% to $1,681.11. The overall cryptocurrency market capitalization stands at $2.23 trillion, having declined by 3.53% in the past 24 hours. Analysts point to a significant indicator of a potential market bottom, as over 10 million Bitcoin are currently held at a loss. This trend suggests that selling pressure may be easing, with fewer investors willing to realize losses. Meanwhile, geopolitical tensions escalated after Iran launched ballistic missiles against Israel, prompting a military response from Israel. The situation has contributed to a climate of 'Extreme Fear' within the cryptocurrency market, as reflected in the Crypto Fear & Greed Index, complicating the outlook for sustained market momentum.
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The ongoing geopolitical tensions may influence investor sentiment and trading behavior in the cryptocurrency market.
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