Mixed dynamics have been recorded in the cryptocurrency market over the past 24 hours, APA-Economics reports, citing the CoinMarketCap platform.
The total global crypto market capitalization decreased by 1.29%, falling to 2.3 trillion US dollars.
Fear sentiment has intensified in the market. The Fear & Greed Index has settled at 15 points, indicating the “extreme fear” zone.
The price of Bitcoin declined by 0.71% to 66,935.72 US dollars. Ethereum fell by 1.83% to 1,978.90 dollars. The price of BNB also decreased by 0.81%.
At the same time, gold-backed tokens recorded gains. PAX Gold rose by 1.09%, while Tether Gold increased by 0.88%.
On the other hand, the price of Bitcoin Cash dropped by 1.47%, and Zcash declined by 5.42%. Meanwhile, Monero gained 0.65%.
According to analysts, the main reason for the daily fluctuations in the market is the decline in investors’ risk appetite amid growing military and political tensions in the Middle East, particularly around Iran. Military operations by the United States and Israel related to Iran have increased uncertainty in global financial markets. This has accelerated capital outflows from risk assets, including cryptocurrencies, thereby intensifying selling pressure.
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