Bitcoin Price Sees Reduction, Most Altcoins Trade in Reds Amid Israel-Gaza War

Bitcoin on Tuesday, October 10 incurred a loss of 1.09 percent to trade at the price point of $27,590 (roughly Rs. 22.9 lakh). In the midst of the ongoing war between Israel and Gaza, Bitcoin saw a reduction in its pricing. This drop in the value of BTC, along with the ongoing geo-political tensions, has impacted the price of most cryptocurrencies. Last week, Bitcoin was trading around the price point of $27,553 (roughly Rs. 22.9 lakh) and since then, the crypto asset has failed to see any major changes in its pricing.

Ether joined Bitcoin in seeing a dip on Tuesday. After a loss of 2.94 percent, the value of Ether presently stands at $1,583 (roughly Rs. 1.30 lakh).

“The crypto market continues to experience slight selling pressure, as riskier asset classes fall due to the Israel-Hamas conflict. 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,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.

Commenting on the market situation, Chaturvedi also noted that the top ten cryptocurrencies by market cap are trading in losses on Tuesday.

These altcoins are Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron, and Polygon — all of which are currently trading in dips.

Shiba Inu, Chainlink, Avalanche, Leo, Stellar, Monero, and Cosmos also recorded minor but notable losses.

The overall market cap of the crypto sector decreased by 1.56 percent in the last 24 hours. At the time of writing, the valuation of the crypto market stood at $1.07 trillion (roughly Rs. 89,04,272 crore), as per CoinMarketCap. The crypto fear and greed index, however, continues to hold its position in the neutral zone with a score of 50/100.

Among a handful of cryptocurrencies that did manage to retain minor profits, USD Coin, Bitcoin Cash, Binance USD, Cartesi, Bitcoin Hedge, and Status marked their names.

Israel declared that it was in a state of war with Palestine after rockets and missiles were fired at Israel by the Hamas Militant group on October 6, killing hundreds of Israeli dwellers. The matter escalated after Israel also launched an attack towards Palestine in retaliation. In the last four days, around 1,500 people have reportedly been killed in this war.

A bunch of crypto companies have come together to launch a crypto aid for Israel, where people can donate relief funds in the form of cryptocurrencies, that allows quick cross-border fund transfers with no service fee.

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