The global crypto market cap has declined by 0.69% and is currently hovering around $2.12 trillion, with an FGI of 36 points due to fear-based sentiments. The conflict between Israel and Iran is intensifying, pushing oil prices higher. Needless to say, the global economy is more concerned about the potential price increases that could result from a cascade effect. The US has cautioned Iran against escalating the conflict further, but a shift towards dialogue is less likely to keep them in the current position. BTC and ETH have felt the kick, and so have other major cryptocurrencies like SOL and XRP. Sentiments are also mixed, as altcoins are gaining traction amid global tensions.
BTC and ETH Fall
Bitcoin tokens are down by 0.40% in the last 24 hours, while ETH is down by 0.85% during the same time frame. BTC is exchanging hands at $61,150.59, and Ether is listed at $2,377.52. The Federal Reserve may be compelled to reduce rates in the upcoming meeting as a result of a price increase caused by the conflict. Infrastructure cannot keep up if inflation and recession concerns take a corner once again. Reducing the borrowing rate would enable investors to redirect their funds towards areas that can enhance risky assets and employment opportunities. Suffice it to say, that would fuel growth in every part of the world.
A fall in Bitcoin and ETH values will have an impact on the flows of their respective ETFs. Spot Bitcoin ETFs and Spot Ether ETFs are attempting to mark consecutive inflows. But an issuer arrives to ruin the moment, and either of them suffers a blow. Since the public first learned about the WazirX hack, there has been no exploration of this path. It brings a new perspective to the crypto market.
Meme Coins Decline
Within meme coins, there is a downward trend. Dogecoin has been able to withstand all forms of pressure, resulting in a 0.98% increase in a single day. DOGE is exchanging hands at $0.1071, reflecting a further decline of 11.17% in the last 7 days. By rising 0.59%, movement is beginning to form a reversal curve. Holding the growth back is the fact that it has happened only in the last 1 hour. This implies that there is still a significant amount of growth left to sustain.
The value of Shiba Inu has dropped by 1.15% in the last 24 hours, reaching $0.000016480. Altcoin believers are making the most of it by accumulating tokens in their accounts. SHIB is poised to surge in the coming years, even if it takes longer than expected. Shiba Inu is currently down by 13.56% over the last 7 days, with its market cap drifting away from Dogecoin every day.
Other Gainers and Losers
SOL and XRP have plummeted by 3.29% and 2.59%, respectively. Their values are $137.61 and $0.5256, applicable in the same order. Gainers are rather few and, interestingly, lie in the lower ranks. For instance, TRX and TON have gained 1.12% and 0.57%, respectively.
Meme Coins are down entirely. PEPE and WIF have lost 7.18% and 6.73%, respectively, of their values.
Conclusion
Dips are more likely to happen if the war escalates and the price of oil refuses to come under control. The structure must be comprehensively revised with a primary focus on rate cuts by the Federal Reserve in the event of a slight hint of recession or inflation.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.