Tension in the Middle East triggers market sell-off
ANALYSTS say tensions in the Middle East may be among the key reasons for sell-offs across both crypto and stock markets over the past 24 hours.
Bitcoin has dropped by more than 3%, trading between $61,500 and $61,900 this morning after bouncing off the $60,000 support level. Ethereum was hit harder, shedding 6% off its price, while altcoins like Near and The Graph faced sharper falls.
Global political tensions can put investors in a "flight to safety" mode, where they seek refuge in more stable assets like gold and government bonds. The Fear and Greed Index has also returned to 'Fear' territory, signalling caution. Investors now look to see if Bitcoin will hold its support around $60,000.
In the Markets
Total crypto market cap
$2.17 trillion (-3.1%)
What Bitcoin did yesterday
Daily high $64,125 | Daily low $60,195
Bitcoin market capitalisation
$1.22 trillion (57.49% of market)
Bitcoin 24-hour trading volume
$50.3 billion (+42%)
SP500
-0.93%
Fear and Greed Index
42 (Neutral)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin Relative Strength Index (RSI)
44
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
Post Script…
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
