ISLAMABAD
The cryptocurrency market turned red on Monday due to the ongoing Israel-Hamas conflict, with the market capitalization losing 1.9 percent to reach $1.11 trillion.
The crypto market witnessed a massive selloff amid uncertainty in the Middle East. The geopolitical risk in the Middle East due to the Israel-Hamas conflict increases WTI and Brent crude prices. Stock market indexes around the world are in red due to the conflict. Investors are anticipating a potential acceleration in inflation and its impact on the global monetary policy trajectory.
As of 1315 hours GMT, Bitcoin, the world’s oldest and most valued cryptocurrency, shed 1.2 percent in the last 24 hours to reach $27,445. The market capitalization of the biggest crypto has reached $535.4 billion with this decrease. Bitcoin has been 3.1 percent down in the past seven days.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, dipped 1.9 percent to reach $1,588. With this decrease in price, the market capitalization of ETH has reached $191.9 billion. ETH has been 8.2 percent down in the past seven days.
Likewise, Binance Coin (BNB) price decreased by 1.4 percent to reach $207. The market capitalization of BNB has reached $31.8 billion with this decrease. BNB has lost 5.5 percent of its value during the last seven days.
On the other hand, the price of Ripple (XRP) dipped 3.6 percent to reach $0.501. The market capitalization of XRP stands at $26.7 billion with this decrease. XRP has shed 4.3 percent of its value during the last seven days.
Meanwhile, Solana (SOL) price went down by 3.9 percent to reach $22.22. With this decrease in price, its market capitalization has reached $9.2 billion. SOL has shed 7.7 percent of its value during the last seven days.
