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As the Hamas-Israel conflict escalates, it’s not only the political landscape that’s feeling the heat.
The crypto industry is also showing signs of turmoil. During the Asian afternoon trading hours on Wednesday, Bitcoin’s price dipped by 1.2%, settling just above the $27,000 mark.
Investors are veering away from riskier assets like traditional equities. Instead, there’s a palpable shift towards more stable investments like gold and oil. Notably, these commodities have seen a significant price surge, with gains reaching up to 6% in the recent week.
In the past day, the market has seen a decline of 1.6%. Ether’s price dropped by 2.2%, pushing its weekly losses to exceed 5%. On the other hand, XRP tokens experienced a sharper drop at 3%, leading the decline in alternative digital currencies.
<figure style="width: 100%" class="wp-caption alignnone">
 <img src="https://crypto.ro/en/wp-content/uploads/2023/10/Coin360-8.png" alt="Crypto market's performance over the past day" width="1920" height="931" title="Crypto market takes a hit as Hamas-Israel conflict escalates 16">
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 Crypto market’s performance over the past day
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It wasn’t just the more popular tokens feeling the pinch. Polkadot’s DOT, Polygon’s MATIC, and Tezos’s XTZ saw reductions of 3% and 8% respectively. However, not all tokens were in the red. Render network’s RNDR stood out with a 3% increase in the past 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">CoinMarketCap</a>.
FxPro market analysts provided some insights, highlighting Bitcoin’s recent price behaviors. They pointed out the cryptocurrency’s failed attempt to surpass the $28,000 threshold last week.
This failure incited a selling spree, causing the price to revert to $27,000. Analysts believe this sell-off suggests that investors are currently hesitant to lock their funds in high-risk investments.

Crypto market takes a hit as Hamas-Israel conflict escalates

crypto.ro global

Other articles published on Oct 11, 2023

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