Crypto Market Under Pressure Amid Iran-Israel Tensions and FOMC Meeting
Cryptocurrencies dip amid Iran-Israel tensions and FOMC meeting. Bitcoin, Ethereum, and Solana face declines in a volatile market.
Cryptocurrencies are experiencing a downturn for the second consecutive session, as escalating Iran-Israel tensions and the cautious anticipation surrounding the upcoming Federal Open Market Committee (FOMC) meeting weigh heavily on investor sentiment across global markets.
Bitcoin (CRYPTO: BTC) has seen its price drop by 1.4% to $104,397.09. Ethereum (CRYPTO: ETH) is also down by 2%, trading at $2,499.56. Solana (CRYPTO: SOL) and XRP (CRYPTO: XRP) have faced sharper declines, with their prices falling by 3.3% and 3.4%, respectively. Meanwhile, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have decreased by 2.3% and 1.5%, respectively.
Despite the overall market downturn, IntoTheBlock data indicates a rise in transaction volumes for both Bitcoin and Ethereum by 16.4% and 6.1%, respectively. Additionally, daily active addresses for these leading cryptocurrencies have grown by 1.6% for Bitcoin and a significant 7.2% for Ethereum.
The market's volatility is further highlighted by Coinglass data, which reports that 108,715 traders were liquidated in the past 24 hours, resulting in a total liquidation value of $322.24 million. Amidst the selling pressure, SoSoValue data reveals net inflows of $216.5 million into spot Bitcoin ETFs.
As global markets remain on edge, the cryptocurrency sector is closely watching the developments in the Middle East and the policy decisions expected from the FOMC meeting. Investors are advised to stay informed and cautiously navigate the volatile market conditions.