Impact of the Israel-Palestine Conflict on the Crypto Market | Crypto Daily Digest Oct.11

TI Research

Bitcoin is considered a consensus-based store of value and a safe-haven asset, similar to gold. However, Bitcoin's performance is in stark contrast to its performance during the 2022 Russia-Ukraine conflict. Bitcoin and Ethereum both experienced declines after the conflict erupted.

On October 7, 2023, the largest-scale armed conflict between Palestine's Hamas and Israel in nearly 50 years broke out, adding uncertainty to the already tense global financial markets due to high interest rates.

Many have regarded Bitcoin as a consensus-based store of value and a safe-haven asset, similar to gold, often referred to as "digital gold." However, Bitcoin's performance during this conflict stands in stark contrast to its performance during the 2020 US-Iran conflict and the 2022 Russia-Ukraine conflict, as both Bitcoin and Ethereum experienced declines after the conflict erupted.

"Globally, the markets are concerned that the conflict may spread to nearby oil-producing countries, making investors relatively sensitive," stated Greta Yuan, Head of Research at the digital assets platform VDX. If the Middle East military conflict leads to a surge in oil prices, subsequently driving global inflation higher, the Federal Reserve will need to maintain higher interest rates for longer.

"In terms of macroeconomic implications, if the risks of expansion and conflict escalation materialize, we must focus on energy prices once again," said Alex Kuptsikevich, FxPro Senior Market Analyst. "Rising oil prices trigger a wave of selling in the stock market, intensifying expectations of tighter monetary policy. This represents the most significant risk to assets like Bitcoin and the entire cryptocurrency market."

Today's Market

Source:TokenInsight Gainers and losers


SBF Trial Day 5: SBF Ex-Girlfriend Says SBF Directed Alameda to Borrow FTX Customers' Funds

SBF Thought He Had Chance to Become US President, Says Caroline Ellison

TokenInsight Rating Monthly Review: September 2023

Other News in Case You Missed it:

RWA Credit Protocol Untangled Finance Raised $13.5M, Led by Fasanara

Scroll Mainnet Produced 3,500 Blocks, Transaction Number Hits 3,900

Liquidator Tracked Zhu Su's Whereabouts and Reported to the Police, Leading to His Arrest at the Airport

$SSV Price Dropped 10% Over Last 24 Hours as SSV Network Founder Got Drafted

Islamic Crypto Project Islamic Coin Announced Airdrop and Listed on KuCoin

Hamas and Other Militant Groups Received Over $130M in Crypto Assets

TCN, JPMorgan's Blockchain-Based Collateral Settlement Solution, Goes Live

Liquid Staking Protocol Stride Proposes to Convert Entire $STRD Supply to $ATOM

Verisoul Raises $3.25M to Help Business Conquer Fake Users

Solana Validator Health Report Shows Improvement in Node Count, Nakamoto Coefficient, Node Distribution

What's New from TokenInsight?

Crypto Market Insights 2023 Q3:After Q1's surge and Q2's calmness, the overall market in Q3 showed a downward trend. Without the fervor of Bitcoin NFTs and Bitcoin spot ETFs, the market witnessed only a few lukewarm trends and frequent security incidents. So, what major events occurred in Q3, and what impact did they have? Let's review together.

The Diverse Landscape of Exchanges in a Bear Market: In the crypto market, the bear market is a test for all. How are the different exchanges faring in this challenging environment? Let's find out together.



TI Research

TokenInsight is a data and research organization for the digital asset market. TI provides comprehensive asset-related data and comprehensive and timely information and research services for digital assets.

Use TokenInsight App All Crypto Insights Are In Your Hands