The Market Dips Amid Geopolitical Concerns; Crypto Market Follows Suit
Crypto News – On Wednesday, the financial market remained in a slump due to escalating worries surrounding geopolitical tensions, significantly impacting overall investor sentiment.
In the crypto sphere, a similar trend was observed, largely influenced by concerns stemming from the Israel-Hamas conflict, leading to a downturn in investor confidence. This ongoing geopolitical unrest has also given rise to speculations regarding its potential effects on oil prices, potentially exacerbating the already prevailing high levels of inflation.
Simultaneously, investors adopted a cautious approach in anticipation of key economic data releases scheduled for the week. Notably, the US government was poised to unveil the Producer Price Index (PPI) data, a pivotal indicator for assessing inflation trends.
In terms of cryptocurrency prices, Bitcoin, the leading cryptocurrency by market capitalization, experienced a 1.79% decline, trading at $27,114.15 over the last 24 hours. Its market capitalization also mirrored the same percentage decrease, settling at $528.92 billion. Additionally, the trading volume decreased by 7.35% to $11.21 billion.
Among other cryptocurrencies, Ethereum’s price saw a 1.51% dip, reaching $1,560.53 at the time of writing on Wednesday. Its trading volume experienced a significant drop of 24.22% to $5.49 billion. Concurrently, its market capitalization decreased by 1.50% within the last 24 hours, totaling $187.64 billion.
XRP observed a 1.71% decrease in price, reaching $0.4907 during the writing period, accompanied by a notable 28.21% decline in trading volume to $710.10 million. Conversely, Cardano’s price plummeted by 1.87% to $0.2471 on October 11.
In the realm of meme coins, Dogecoin’s price exhibited a minor increase of 0.06%, settling at $0.05897, while its trading volume experienced a substantial drop of 46.49% to $134.23 million. Conversely, Shiba Inu’s price declined by 1.01%, reaching $0.000006872 during the writing period.
The widespread losses in major cryptocurrencies had a dampening effect on the overall performance of the broader cryptocurrency market. The global crypto market capitalization dropped by 1.52% in the last 24 hours, amounting to $1.06 trillion. The trading volume also decreased by 11.84% to $25.52 billion. Notably, the crypto market fear and greed index continued its decline, approaching the ‘fear’ territory and maintaining a reading of 42 on Wednesday.
Render (RNDR) Registers a 4% Increase
During Wednesday’s trading session, Render crypto emerged as one of the top gainers, with a notable 4% increase in its price. The Render price rose by 3.87% to $1.79 as of the writing period, and its market capitalization increased by 3.85% to $664 million.
UNUS SED LEO (LEO) Records a 2% Gain
UNUS SED LEO price experienced a 1.70% increase, trading at $3.73 as of October 11. Although its trading volume over the past 24 hours decreased by 26.76% to $0.46 million, its market capitalization saw a notable 1.75% surge, reaching $3.46 billion. The recent surge in the cryptocurrency’s price seems to be linked to iFinex Inc, the parent company of the Bitfinex cryptocurrency exchange based in Hong Kong, announcing a $150 million share repurchase plan, boosting traders’ confidence.
Tezos Declines by 7%
Tezos, a cryptocurrency, witnessed a significant decline of 7% in its price, marking it as one of the notable underperformers on Wednesday. The Tezos price decreased by 6.99% at the time of writing, settling at $0.6698. Additionally, its trading volume over the past 24 hours fell by 17.80% to $69.59 million. Despite these recent losses, XTZ has managed to maintain a modest gain of approximately 1% over the last seven days.
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