On Tuesday, October 10, Bitcoin was trading at $27,590 (approximately Rs. 22.90 lakh), losing 1.09%. The price of Bitcoin has declined during the ongoing war between Israel and Gaza. The decline in Bitcoin’s value, coupled with ongoing geopolitical tensions, has impacted the prices of most cryptocurrencies. Last week, Bitcoin was trading at around $27,553 (approximately Rs 22.90 lakh) and since then, there hasn’t been any major change in the pricing of the crypto asset.
Ethereum fell along with Bitcoin on Tuesday. After falling by 2.94%, Ethereum’s value currently stands at $1,583 (approximately Rs. 1.3 lakh).
“The cryptocurrency market continues to experience mild selling pressure as riskier asset classes fall amid the Israel-Hamas conflict. The market attributes ETH’s decline to the Ethereum Foundation selling allocated ETH tokens. The foundation regularly does this It is being done to cover its operating costs, which will also cause a temporary sell-off in the market,” Parth Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets 360.
Commenting on the market situation, Chaturvedi also noted that all the top ten cryptocurrencies by market capitalization posted losses on Tuesday.
These altcoins include Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron, and Polygon, all of which are currently in decline.
Shiba Inu, Chainlink, Avalanche, Leo, Stellar, Monero, and Cosmos also saw minor but significant losses.
In the past 24 hours, the overall market value of the cryptocurrency industry fell by 1.56%. As of the time of writing this article, the cryptocurrency market is valued at $1.07 trillion (approximately Rs 89,04,272 crore). coin market cap. However, the Crypto Fear and Greed Index continues to remain in neutral territory with a score of 50/100.
Among the few cryptocurrencies that did retain small profits, USD Coin, Bitcoin Cash, Binance USD, Cartesi, Bitcoin Hedge, and Status all marked their names.
On October 6, the Hamas armed group fired rockets and missiles into Israel, killing hundreds of Israeli residents. Israel subsequently declared a state of war with Palestine. The situation escalated further after Israel also launched attacks against the Palestinians in retaliation.Over the past four days, about 1,500 people It is said were killed in this war.
Several cryptocurrency companies have joined forces to launch crypto aid for Israel, which will allow people to donate relief funds in the form of cryptocurrency, allowing for quick cross-border fund transfers without paying service fees.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided herein is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendations, predictions or any other information contained in the article.
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