The crypto market, that had picked momentum last week, has seen a slowdown over the weekend after the peace talks between Iran and the U.S. failed to reach a fruitful conclusion. Bitcoin price was down by under one percent to trade at $71,000 on Monday. The most expensive crypto asset had brifly touched $73,000 last week but the prevailing geo-political tensions in the Middle East region triggiered a hiccup in its upward climb.
Ether’s price rose by over one percent in the last 24 hours. At press time, the asset was trading at $2,210.
Market analysts told Coin Headlines that the market could show risen volatility as it continues to be impacted by macro-economic factors and geo-political developments. In addition, the sharp spike in oil prices has revived inflation concerns, further dampening expectations of near-term rate cuts and a cut in investors’ risk appetite.
“From a technical standpoint, Bitcoin is currently consolidating near a critical support band of $70,000–$70,500. Holding this zone could pave the way for a recovery toward $72,500–$74,000, while a breakdown may trigger a deeper correction toward $68,500,” said Riya Sehgal, Research Analyst, Delta Exchange. “Ethereum, on the other hand, continues to show relative resilience, holding above its $2,130–$2,150 support zone despite broader market weakness.”
XRP, BNB, Solana, and Dogecoin retained small profits of under two percent in the last 24 hours. The assets can slip into losses any time, their hourly price flucuation data incidates. Leo, Cardano, Bitcoin Cash, Chainlink, and Monero also charted similar trajectories to trade in profits of under three percent.
Hyperliquid’s profit margin was slightly wider than other popular assets. The tenth-ranking token on the CoinMarketCap index, Hyperliquid price was up by six percent. At the time of writing, the HYPE token was retailing at $42.4. A couple of factors in the backdrop are fueling HYPE’s upward trajectory. This includes BitMEX co-founder Arthur Hayes’ reported acquisition of 26,022 HYPE tokens worth $1.1. million and the filing for a Hyperliquid ETF by Bitwise which could soon launch.
Crypto assets trading in the losses, meanwhile, include Tron, Litecoin, Dai, Toncoin, Shiba Inu, and Mantle — all of which fell in prices by upto one percent in over the last day. Zcash, that registered a stellar growth surging 11 percent last week, is now down by 1.5 percent to trade at $360.
Polkadot’s DOT also went down by four percent to trade at $1.17 after an exploit of the Hyperbridge protocol led to the unauthorized minting of $1 billion worth of the DOT tokens.
Addressing the community panic, Polkadot said, “The exploit only affects DOT on Ethereum that is bridged through Hyperbridge and does not affect DOT in the Polkadot ecosystem, or DOT bridged through other bridges.”
As of Monday, the overall crypto market cap stood at $2.42 trillion with a minor gain of 0.22 percent.
While near-term volatility is likely to persist amid geopolitical uncertainty and elevated oil prices, the broader trend remains intact, analysts said.
“Regulatory scrutiny in the U.S. is intensifying, while stablecoin demand is rising amid uncertainty. Institutional activity and corporate accumulation continue, but macroeconomic factors and policy risks keep the market at a critical turning point,” Sathvik Vishwanath, Co-Founder and CEO, Unocoin told Coin Headlines.
Over 152,422 traders were liquidated in the last 24 hours with the liquidations hitting $202.6 million, data by CoinMarketCap showed.
The crypto fear and greed index score presently stands at 43. This indicates that the despite slim chances of a fed rate cut and the ongoing conflict in the Middle East zone remains neutral.