International Tensions Result In Decline For Bitcoin And Crypto
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.
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