CandleFocus Altcoins plummet as geopolitical instability and long liquidations shake the market
2024-10-02
Author: Content Editor
Several major altcoins, including STRK, AR, LDO, and CORE, experienced double-digit losses due to geopolitical tensions and long liquidations in the crypto market. Starknet (STRK) led the losses with a 13.4% drop, followed by Arweave (AR) with a 14.3% decline. Lido DAO (LDO) and Core (CORE) also suffered losses. The decline in altcoins coincided with a broader contraction in the cryptocurrency market, which saw its total market capitalization drop by over 5.5% to around $2.26 trillion. Bitcoin (BTC) also dropped 3.2% due to geopolitical developments and sell-offs in risk assets. Questions have been raised about Bitcoin's status as a store of value during times of crisis, as traditional safe-haven assets like gold and oil surged. Market turbulence resulted in the liquidation of long positions and further selling pressure. The crypto market sentiment has shifted towards fear, and increased geopolitical instability may continue to affect the market and increase volatility. Bitcoin's upward trend remains uncertain, and a close above $71,000 and a new all-time high would confirm its continuation.
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