Cryptocurrency Market Sees Pullback Amid Geopolitical Tensions, Bitcoin and Ethereum Prices Decline

Our services cover a wide range of financial insights. We provide news, earnings reports, guidance, dividends, mergers and acquisitions, and legal updates. You can also find interviews, management offerings, IPOs, and insider trades.

We keep you informed about biotech developments, political news, government updates, and healthcare trends. Our market analysis includes pre-market and after-hours insights, movers, ETFs, Forex, cannabis, commodities, and binary options.

We also cover bonds, futures, global economics, mining, small-cap opportunities, real estate, cryptocurrencies, penny stocks, and digital securities. Our focus extends to volatility, options ratings, analyst comments, and trade ideas.

On October 7, 2024, leading cryptocurrencies pulled back, reflecting a decline in the stock market amid rising geopolitical tensions.

Bitcoin (BTC/USD) fell by 0.61% to $62,482.57. Ethereum (ETH/USD) dropped 0.81% to $2,436.34. Dogecoin (DOGE/USD) decreased by 2.46%, trading at $0.109.

During the day, Bitcoin sharply retreated after hitting a high of $64,400. By evening, it settled in the early $62,000s. Ethereum followed suit, rising above $2,500 in the morning, then falling to $2,400 after the stock market closed.

Liquidations in the cryptocurrency market surged past $214 million in the last 24 hours. Over $140 million in bullish bets were wiped out. Open interest in Bitcoin futures dropped by 2.87%, indicating further liquidation of long positions. The Cryptocurrency Fear & Greed index remained in the "Neutral" zone, showing a balance in market dynamics.

Among the top gainers in the last 24 hours were First Neiro On Ethereum (NEIRO), which rose 18.27% to $0.001657, Cat in a Dogs World (MEW) up 15.35% to $0.007216, and Sui (SUI) increasing 8.78% to $2.04.

The global cryptocurrency market cap stood at $2.17 trillion, reflecting a 0.61% contraction in the last 24 hours.

On the stock market side, the Dow Jones Industrial Average fell by 398.51 points, or 0.94%, closing at 41,954.24. The S&P 500 decreased by 0.96% to finish at 5,695.94. The Nasdaq Composite dropped 1.18%, ending the session at 213.95.

Traders focused on the economic and geopolitical implications of escalating tensions in the Middle East. West Texas Intermediate (WTI) crude oil prices rose nearly 3% to $77 a barrel due to concerns about Israel's actions against Iran's oil facilities. Additionally, benchmark 10-year Treasury yields surpassed 4% for the first time since late July.

Investors awaited the release of the FOMC minutes from the Federal Reserve's September policy meeting, scheduled for Wednesday, along with the Consumer Price Index data set to be released on Thursday.

Noted cryptocurrency analyst Rekt Capital suggested that Bitcoin could maintain its upward trend with a daily close above $64,230. Researcher Ali Martinez highlighted that Ethereum might rally toward $6,000 if it holds support above $2,300. However, he warned of a potential drop to $1,600 if Ethereum fails to maintain that key support level. About 2.77 million addresses currently hold 52.65 million Ether at this critical point.

Market news and data are provided by Benzinga APIs.