Crypto prices have rallied back after a steep Iran-Israel conflict selloff.
The crypto market experienced a brief downturn over the weekend as geopolitical tensions between Iran and Israel escalated, causing momentary turbulence in global markets. However, the crypto market has displayed remarkable resilience amid the conflict, with a noticeable recovery in the opening hours of this week.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, dipped as low as $60,800 as the conflict spread, with the market pullback resulting in a loss of approximately $962.40 million in liquidations.
Analysts attributed this downturn to the anticipated consequences of war, such as rising commodity prices and the potential for high inflation, which could make interest rate cuts by central banks less likely.
“During a war, commodities like oil and gold rise in value, which results in high inflation. High inflation means no rate cuts, which is bearish for stocks and crypto. This is why crypto sold off heavily yesterday, as people anticipated that this war could lead to high inflation, which would result in no rate cuts,” notes Ash Crypto in an X post.
Despite the initial downturn, Bitcoin and key altcoins have rebounded significantly. At the time of writing, Bitcoin is trading at $65,170, marking a 2.66% gain over the last 24 hours. Ethereum (ETH) and Solana (SOL) have seen even more substantial rebounds, up 7% and 12.8% respectively.
Mike Novogratz, CEO of Galaxy Digital, predicted a price recovery after the initial sell-off, stating, “Wars cost $$$…. Praying we don’t get a bigger one, but after the risk flush, BTC will resume its trend (higher).”
Given the current geopolitical tension, Novogratz’ statement is optimistic that the market would prevail over the effects of a major regional conflict, pointing to the importance of market stability to achieve growth in the crypto industry and its lateral sectors.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CryptoBriefing – https://cryptobriefing.com/crypto-prices-rebound-iran-israel-conflict/