Bitcoin (BTC) experienced a crash alongside stock markets on October 1 due to escalating tensions in the Middle East. Israel's announcement of ground operations in Lebanon led Iran to take action, firing rockets at Israeli territory. This news resulted in over $489 million being liquidated in the past 24 hours. BTC was trading at $61,598, down 3% over the past day. Other major altcoins such as Ethereum (ETH), Solana (SOL), Toncoin (TON), and Dogecoin (DOGE) also saw significant drops. The Fear and Greed Index dropped from the greed zone to the neutral area. The US equities market and certain stocks, such as Nvidia and Apple, also registered losses. Some investors are selling BTC to buy gold as tensions escalate, although BTC has historically been a good hedge against geopolitical events. At the time of the report, Bitcoin remains the top-ranked cryptocurrency by market cap, with a market capitalization of $1.23 trillion and a 24-hour trading volume of $43.81 billion.
- Content Editor ( cryptoslate.com )
- 2024-10-01
Middle East tension causes massive crypto market shakeup, $489 million liquidated