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Home General News

War And Inflation Rattle Crypto Markets

Hania by Hania
October 16, 2023
in General News, Altcoin News, Bitcoin News
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War And Inflation Rattle Crypto Markets
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Mounting global tensions and inflationary concerns weigh on cryptocurrency values

Cryptocurrency markets experienced a sombre week as they grappled with the unsettling Israel–Palestine conflict and stubborn inflationary trends. While Bitcoin and Ethereum demonstrated resilience, a handful of altcoins faced noticeable price dips, reflecting the traditional investor’s tendency to flock to less risky assets during periods of political and economic uncertainty.

  • Bitcoin (BTC) Slightly Shaken: Leading the crypto market, Bitcoin, with a capitalization exceeding $500 billion, witnessed a 3.7% drop over the past seven days, settling at $26,928, as reported by CoinGecko. While this decline is noticeable, it’s far from catastrophic, suggesting some degree of market stability.
  • Ethereum (ETH) Takes a Hit: Ethereum, the second-largest cryptocurrency by market capitalization, reported a 5.4% setback during the week, with its current trading price of $1,554 being the lowest since March. The relative resilience of Bitcoin and Ethereum is indicative of their stronghold in the crypto landscape.
  • Altcoins Feel the Heat: However, the broader crypto market was not spared. Many of the top thirty cryptocurrencies displayed marginal gains or, in some cases, depreciation. Polygon (MATIC) plummeted by 8.6% to $0.521054, while Polkadot (DOT) experienced an 8% dip, trading at $3.76.
  • Avalanche (AVAX) Plummets: Avalanche (AVAX) bore the brunt of the bearish trend, with a significant drop of 12.4% over the week. It currently trades at $9.19, emphasizing the volatility in the altcoin sector.
  • Quiet Week in Crypto Adoption: Surprisingly, there were no significant developments in cryptocurrency adoption in the United States or globally. Instead, attention remained fixated on unfolding events in the Middle East.
  • Ark Invest Renews ETF Application: Cathie Wood’s Ark Invest refiled its application for a Bitcoin spot exchange-traded fund (ETF) this week. ETFs offer a secure investment avenue for those interested in Bitcoin’s potential without directly managing digital assets. The filing acknowledges potential risks of Bitcoin’s source code modifications and energy consumption concerns.
  • Tether Announces New CEO: In a notable corporate shift, stablecoin giant Tether appointed Paolo Ardoino, the company’s Chief Technology Officer (CTO), as its CEO, succeeding Jean-Louis van der Velde (JL) in December.
  • Growing Optimism for a Bitcoin ETF: Speculation is brewing that the U.S. Securities and Exchange Commission (SEC) might soon approve a Bitcoin spot ETF. Reports on Friday hinted that the SEC has opted not to challenge a court decision from August that deemed the regulator’s rejection of Grayscale’s Bitcoin fund conversion into an ETF as “arbitrary and capricious.”
  • Steady Progress Towards a U.S. ETF: With the SEC’s stance on Grayscale’s proposal, the path to a U.S. ETF seems to be clearing, raising hopes among crypto enthusiasts.
  • Investor Sentiment Amidst Uncertainty: Despite the recent challenges and geopolitical tensions, investor sentiment seems relatively steady in the face of economic and political uncertainty. The crypto market remains resilient, and all eyes are on regulatory developments, with expectations growing around the potential approval of a Bitcoin spot ETF.
  • Inflation’s Impending Shadow: As concerns regarding inflation persist, investors are closely monitoring its impact on cryptocurrencies. The crypto market is evolving as a critical player in the global financial landscape, making it susceptible to economic trends and geopolitical events.
  • The Road Ahead: Cryptocurrencies continue to navigate turbulent waters, with their reactions to ongoing global challenges providing valuable insights into the maturing crypto ecosystem.
  • Stay Informed: The crypto landscape is constantly evolving, and staying informed is essential for making informed investment decisions.

Disclaimer: The content in this article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry inherent risks, and readers are encouraged to conduct their own research and consult with financial experts before making investment decisions.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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