Technology

Cryptocurrency Market Reacts to Israel-Gaza Conflict, Bitcoin Holds Steady Support

Amid the ongoing Israel-Gaza conflict, the cryptocurrency market has displayed increased volatility. Over the past 24 hours, Bitcoin’s value dropped by $530, mirroring the heightened instability in the cryptocurrency market due to the ongoing conflict.

Ethereum (ETH) also experienced a 2.09% loss, with its value falling to $1,554 on Wednesday, reflecting a $29 decrease in the last day. The ETH/BTC pair, considered an indicator for altcoins, reached an 11-month low.

Other cryptocurrencies, including Tether, Binance Coin, Ripple, USD Coin, Solana, Cardano, and Dogecoin, recorded losses, along with Tron, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash.

The total cryptocurrency market valuation, currently at $1.05 trillion, experienced a 1.69% decrease in the past 24 hours, as reported by CoinMarketCap.

On Wednesday, Bitcoin is trading at $27,041, with a 1.95% decline during October 11, bringing it to its current price.

Amid this downward trend, a select few cryptocurrencies, including Leo and Binance USD, saw positive developments.

In a positive development, the CoinDCX research team reported substantial growth in Bitcoin’s layer-2 Lightning Network, with an estimated 1,212% increase over two years. This expansion is expected to enhance Bitcoin’s functionality as a medium of exchange, facilitating quicker and more cost-effective transactions.

Ethereum has struggled to surpass the $1,750 resistance level, and market analysts foresee a potential drop below $1,200 in the coming months.

Shakila Nasreen

Exploring the technology and fetching unique info for all of you is not my hobby but passion. This passion drove me to news reporting field. It's my hobby to timely report latest news all over the Pakistan. Email: shakila@www.thepost.com.pk

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