Crypto Markets Slumped on Oct. 1 Amid Geopolitical Conflict Between Israel and Iran in the Middle East
- Linda HamiltonOriginal
- 2024-10-02 03:14:11371browse
The top 10 cryptocurrencies by market cap, including Bitcoin (BTC), fell as Iran launched hundreds of missiles towards Israel
Crypto markets experienced a downturn on Oct. 1 as a result of the escalating geopolitical conflict between Israel and Iran.
The top 10 cryptocurrencies by market capitalization, including Bitcoin (BTC), took a hit after Iran fired hundreds of missiles toward Israel, further denting the already fragile market sentiment. The attack triggered a sell-off in the crypto market cap, which slid by over 4%. Bitcoin dropped 3.9%, slipping below $61,200 after climbing to $65,000 the previous week.
Major altcoins, such as Ether (ETH), Binance Coin (BNB), and Solana (SOL), experienced declines ranging from 6% to 7%. Meanwhile, stablecoins like Tether (USDT) and Circle USD Coin (USDC) also saw a slight depeg but managed to maintain the $0.99 level.
The news of ballistic missile attacks amid the ongoing Middle East unrest also impacted the crypto mining sector. At one point, shares of Bitcoin miner Marathon Digital dropped by approximately 9%, and fellow BTC mining firm CleanSpark also saw a 6% decrease in stock prices, according to Yahoo Finance.
Bitcoin is the best bet amid Middle East conflict: Tyr Capital CIO
As the turmoil threatened global economies and liquidity fled markets, Tyr Capital CIO Ed Hindi suggested that Bitcoin (BTC) might be the best bet for investors seeking to preserve their wealth. According to Hindi, the geopolitical uncertainty in the Middle East will only further legitimize Bitcoin’s value proposition and attract more investors to the crypto ecosystem.
Bitcoin is often touted as an inflation hedge or digital gold and has outperformed the S&P 500 in recent years, according to MicroStrategy executive chairman Michael Saylor.
In Hindi’s words, Bitcoin is one of the top assets to consider in the event of a broadening crisis within the Middle East and Europe.
“Investors and consumers are slowly waking up to the reality that the world is going into a period of extreme instability. Fully allocating your portfolio to the traditional financial system is now a risky one-sided bet. The ongoing wars and tensions in Europe, the Middle East and Asia are hurting consumer confidence and their blind faith in their respective governments.”
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