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Crypto market adds over $100 billion despite Israel’s response attack

Crypto market adds over $100 billion despite Israel’s response attack

The global cryptocurrency market experienced a notable price surge despite escalating tensions in the Middle East. On April 19, early morning, Israel launched a retaliatory strike against Iran, a move that has heightened geopolitical uncertainties. 

The reported Israeli strike has the potential to escalate regional conflict, traditionally a factor that leads to market volatility with leveraged traders losing over $300 million in the initial hours following the news.

However, since then the crypto market has recovered as it became clear there was little damage sustained during the retaliation. 

As of press time, the total market capitalization for cryptocurrencies sits at $2.35 trillion. This represents an influx of over $100 billion, or more than 4%, compared to the $2.25 trillion recorded on April 18 despite the new news.

Global cryptocurrency 24h market cap. Source: CoinMarketCap

Bitcoin price analysis

Bitcoin (BTC) price experienced a sharp decline and following recovery within a short time frame on Friday, April 19. This fluctuation coincided with aligned reports of an Israeli strike.

Initial market reactions were negative, with Bitcoin’s price dropping to $61,850 amidst the geopolitical events. 

However, the narrative quickly shifted as news emerged suggesting the Israeli strike caused limited damage. This positive development instilled renewed confidence in the market, leading to a swift rebound. 

At the press time, Bitcoin had not only recovered from its earlier dip but had actually surpassed its pre-conflict price point. The current trading price of $64,711 represents a near 5% increase over the past 24 hours.

Bitcoin 24h price chart. Source: Finbold

Ethereum price analysis

Ethereum (ETH) price made another attempt at a recovery, maintaining stability above the $3,000 mark. However, resistance around the $3,100 level, similar to Bitcoin, was defended by bearish market participants.

Subsequently, a decline ensued, breaching the $3,000 boundary and even dipping below the critical support level of $2,900. The price reached a low point at $2,867 before initiating a rebound to recover some of the losses.

Currently, Ethereum is trading around $3,099, marking a 1.28% increase over the past 24 hours.

Ethereum 24h price chart. Source: Finbold

In conclusion, despite geopolitical tensions and market uncertainties, the cryptocurrency market displayed surprising resilience.

Bitcoin not only recovered from a brief dip but even surpassed its pre-conflict price, potentially supported by expectations surrounding the upcoming Bitcoin halving event. While Ethereum experienced some volatility, it managed to close the day with a modest gain.

However, with the BTC halving event impending with less than 100 blocks remaining and just a matter of hours left before it takes place, uncertainty surrounding the future direction of cryptocurrencies remains high.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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