Israel-Hamas conflict creates selling pressure on crypto market, Bitcoin trades above $27,500

Crypto market overview: The crypto market continues to experience selling pressure, as riskier asset classes fall due to the Israel-Hamas conflict. As per the market data, the global crypto market cap has fallen by 1.5 per cent in the last 24 hours and is currently at $1.11 trillion. 

The crypto fear and greed index, however, continues to hold its position at the score of 50/100 in the neutral zone. 

Crypto Fear and Greed Index | Image credit: Alternative.me

While discussing the crypto market movement in the last 24 hours, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “The top 10 cryptos by market capitalisation are trading in the red. BTC continues to trade above its support level of $27,000. Facing more intense selling pressure, ETH was down by 2.9 per cent since yesterday but still above its support level at $1,500. The market is attributing ETH’s dip to the selling of allocated ETH tokens by the Ethereum Foundation. The Foundation periodically does this to cover its operational costs, thereby also creating a temporary sell-off in the market.”

CoinDCX Research Team also shared their views on the current market scenarios. Team CoinDCX said, “In the past 24 hours, the overall market experienced a notable dip of more than 3 per cent, although it has since shown a sign of slight recovery. Notably, Bitcoin struggled to surpass the $28,000 resistance level and underwent a correction.”

“The price steadily declined below $28,000, eventually slipping beneath the $27,500 mark. However, bullish activity became evident around the $27,250 support area. The price reached a low point near $27,275 and has since begun to rise,” Team CoinDCX added.

Israel-Hamas conflict creating selling pressure on Bitcoin

Sudeep Saxena, Co-founder, Coin Gabbar while talking about Bitcoin’s price, said, “Bitcoin's recent struggles to surpass the $28,000 mark and break its 200-day moving average can be attributed to the cautious stance of investors amidst the ongoing Israel-Hamas conflict. Many are adopting a wait-and-see approach, which has resulted in the cryptocurrency's sluggish movement.”

Edul Patel, CEO, Mudrex also shared his opinion, saying “Bitcoin is currently consolidating above the $27,500 mark, driven by long liquidations amid escalating geopolitical tensions in the Middle East and an increase in oil prices. Over the past year, Bitcoin's value has surged by an impressive 66.62 per cent. In the event of a market downturn, Bitcoin will find support at approximately $27,195. Meanwhile, Ethereum has been maintaining a trading level of around $1,580.”

Atulya Bhatt, CMO, BuyUcoin, said, “The latest tension between Israel and Hamas is changing the market equation faster than we expected. The disturbance in the region may result in high oil prices and change the economic dynamics at a global level. BTC and Ether are changing hands at $27,624.20 and $1,584.73 level which is a significant dip from the previous day. Markets are expected to remain choppy in the coming weeks owing to the uncertain geo-political conditions.”

Crypto market in last 24 hours

After a week of stability in Bitcoin prices, the king crypto is facing a sudden decline in its prices due to the fear sentiment in the market incited by the Israel-Hamas conflict in Gaza. Bitcoin has lost more than 1.1 per cent in the last 24 hours. Ethereum is also following the same trend and has lost more than 3 per cent with the weekly returns plunging close to 5 per cent. 

The wider crypto market is also facing major selling pressure due to highly uncertain global indicators amid the ongoing war. BNB has lost 2.4 per cent, Solana 5.07 per cent, Cardano 2.43 per cent, Dogecoin 3.18 per cent, Polygon lost 5 per cent, and Shiba Inu is trading 3.55 per cent below yesterday’s price range. 

Even amidst these scenarios, Tezos has gained close to 6.31 per cent which can be credited to its lower market capitalisation, however, more than 85+ cryptos in the top 100 crypto tokens are trading in red.