A naukri.com initiative
Moneyweb
1d
188
Altcoins resume decline as haven appeal of digital assets fades
- Ether and Solana led declines in cryptocurrencies as concerns about escalating conflict in the Middle East have investors moving away from riskier assets.
- Ether, the second largest cryptocurrency after Bitcoin, fell 8%, while Solana and Cardano also experienced significant declines after rallying on Monday.
- Bitcoin, representing over 60% of the digital asset sector's market value, dropped 3.8% to $104,743, falling in six of the last seven days.
- Investors attribute the altcoin price dip to a mix of macroeconomic uncertainty and market dynamics, influenced by Bitcoin's pullback and escalating geopolitical tensions.
- Over $230 million of long crypto positions were liquidated in the past 12 hours, according to Coinglass data.
- Fears of heightened tensions in the Middle East potentially involving the US have led to a general selloff in stocks and high-risk assets.
- Last week's decline in crypto assets during Israel's airstrikes on Iran challenges the perception of Bitcoin as a haven during turmoil.
- A proposed stablecoin bill to be voted on in Congress today could impact crypto markets positively or negatively.
- Traders anticipate de-risking ahead of key events this week, including the GENIUS bill vote, FOMC decision, and ongoing Iran tensions.
Read Full Article
11 Likes
For uninterrupted reading, download the app