Price: $0.38754 1.2287%
Market Cap: 56.93B 1.7369%
Volume (24h): 8.77B 0.4%
Dominance: 1.7369%
Price: $0.38754 1.2287%
Market Cap: 56.93B 1.7369%
Volume (24h): 8.77B 0.4%
Dominance: 1.7369% 1.7369%
  • Price: $0.38754 1.2287%
  • Market Cap: 56.93B 1.7369%
  • Volume (24h): 8.77B 0.4%
  • Dominance: 1.7369% 1.7369%
  • Price: $0.38754 1.2287%
Home > Information news > Top Reasons Why the Crypto Market is Down Today

Top Reasons Why the Crypto Market is Down Today

Release: 2023/10/09 18:16 Reading: 768

Original author:CoinPedia News

Original source:https://coinmarketcap.com/community/articles/6523bc5a46f4d5655ccd9e63

The post Top Reasons Why the Crypto Market is Down Today appeared first on Coinpedia Fintech News

The cryptocurrency market experienced a modest downturn on Monday, with its total valuation around $1.13 trillion. The price of Bitcoin (BTC) has found it challenging to break past the $28,000 mark in recent days, trading at approximately $27,848 during the early trading hours in London on Monday. Other cryptocurrencies like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have also faced notable losses amid a dip in trading volume.

Geopolitical Tensions Impact Crypto and Traditional Markets

The crypto market is also reacting to ongoing geopolitical tensions. The continued hostilities between Gaza and Israel have caused significant devastation, displacing many families and tragic loss of life. The Russia-Ukraine conflict further underscores the potential for cryptocurrencies to deliver aid with minimal friction to the affected regions.

However, these global events have led investors to gravitate towards war-related stocks and speculate on oil prices as Middle Eastern nations find themselves in a precarious position. Notably, oil prices surged by about 4.5 percent due to heightened tensions among oil producers and divisions among nuclear superpowers.

Options Expiry Adds to Market Volatility

Adding to the market’s volatility, approximately $730 million worth of Bitcoin and Ethereum options expired last Friday. The data suggests that more traders are leaning towards calls instead of puts, indicating a bullish sentiment for October. Yet, with more valued options set to expire later in the month, the market is braced for potentially higher volatility.

Conclusion

The interplay of geopolitical events, market speculation, and inherent crypto market dynamics continues to shape the trajectory of cryptocurrency values. As traders and investors navigate these complex factors, the crypto market seeks to find its footing amidst a rapidly evolving global landscape.

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