Bitcoin (BTC) and ether (ETH) demonstrated their strength amidst a turbulent day in the stock market and increasing oil prices due to escalating tensions in the Middle East.
Over the last 24 hours, both Bitcoin and ether experienced only a slight dip of 0.2%. Meanwhile, XRP saw a 1.3% decrease, but Cardano’s ADA managed to climb by 0.4%. The overall performance of the cryptocurrency market, represented by the CoinDesk Market Index (CMI), showed a small decline of 0.19%, indicating minor losses in a range of different tokens.
The Israel-Hamas conflict has entered its third day on Monday, starting with Hamas firing missiles into Israel early on Saturday. Concerns about the conflict spreading to neighboring countries like Iran have led to an impact on oil prices.
Some traders believe that if the U.S. imposes sanctions on Iranian exports, it could have a significant impact on the oil market. Josh Young, the Chief Investment Officer of Bison Interests, expressed this view, saying, “There could be a pretty dramatic effect on the oil market. I think it’s appropriate to expect oil prices, for example, to increase by about $5 for WTI.”
According to MarketWatch data, Crude Oil WTI has risen by 3.23% since Sunday, continuing a three-month trend of a 16% increase. Similarly, Brent Crude Oil has also seen an increase of nearly 3.5%.
After the markets opened on Monday, Asian stock markets faced declines. India’s Sensex dropped by 0.69%, the Shanghai Composite decreased by 0.44%, and the Singapore Straits Times Index fell by 0.2%. Looking ahead, premarket futures in the United States indicated potential losses, with the Dow Jones Index down by 0.77%, and the tech-heavy Nasdaq 100 slumping by 0.86%.
