Bitcoin recently experienced a 1.2% decline, reaching slightly above $27,000. Investor confidence in riskier assets waned due to escalating tensions in the Hamas-Israel conflict.
As a result of the ongoing conflict, traders anticipated a decrease in prices as trader stopped investing in conventional equities and higher-risk investments in favor of commodities like gold and oil, which had surged by up to 6% over the past week.
On the other hand, the crypto markets suffered a 1.6% dip over a period of 24 hours. ETH saw a 2.2% drop, extending weekly losses to over 5%, while XRP tokens recorded the most significant decline among alternative currencies with a 3% reduction.
Among other significant tokens, DOT and MATIC both slumped by 3%, while XTZ experienced an 8% decline. The only large-cap token that saw gains within a 24 hours timeframe was RNDR, with a 3% increase.
FxPro market analysts, in their daily commentary, observed that Bitcoin recently attempting to breach the $28,000 level triggered a selling wave that pushed the price back to $27,000. This profit-taking activity indicated that investors were not yet willing to commit their funds to risky bets.
International Tensions Result In Decline For Bitcoin And Crypto
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
December 30,2024
Web3 Fundraising Deals - 24th To 30th December 2024
December 30,2024
The United States May Not Purchase Additional Bitcoin In 2025
December 30,2024
Crypto Community Bands Together To Challenge Controversial IRS Ruling
December 30,2024
Bitcoin Spot ETF Outflows Reach $388M
December 30,2024
Tether Continues To Struggle As Banks Look To Fill The Stablecoin Gap
December 29,2024
Bitcoin Floats Around $95K As Altcoins Stay In The Green
December 29,2024
Meme Coin Market Loses More Than $40B In December
December 28,2024
The Best Performing Cryptocurrency Assets Of 2024
December 28,2024
Crypto Investors Continue To Suffer As Hackers Steal Nearly $1.7B In 2024
December 27,2024
KULR Technology Buys 217 BTC After Getting Inspired By MicroStrategy
December 27,2024
Bitcoin Runes Under Threat By AI Agents And Meme Coins
December 27,2024