On Sunday evening, major cryptocurrencies experienced a drop in value, despite the Hamas attack on Israel. This event has brought geopolitical risk into an already delicate market grappling with inflation and rising interest rates.
The U.S. economy added 336,000 jobs in September, the largest cryptocurrency by market capitalization, slamming economist forecasts by nearly double.
The Israeli-Palestinian conflict has reached a critical point, escalating into a full-blown war following an unexpected invasion by Hamas. Israel's prime minister, Benjamin Netanyahu, has said the group will be subject to unprecedented repercussions, despite a claim that the region's gaza strip will face unprecedented consequences. Saudi Arabia and Russia's production cuts are causing global crude reserves to be under pressure.
Pierre Andurand, the founder of Andurand Capital Management LLP, believes that in the short-term, the conflict is unlikely to impact oil supply. However, experts fear that it could eventually lead to supply disruptions and price fluctuations.
As part of Benzinga's exclusive event - Future of Digital Assets, meet and engage with transformative Digital Asset and Crypto business leaders and investors. The world's crypto market cap currently stands at $1.09 trillion, reflecting a drop of 0.10% in the past 24 hours.
On Sunday, stock futures dropped because of the Israeli attack. This unfortunate event has caused additional geopolitical risk to an already delicate market, which is currently grappling with inflation and rising interest rates.
The Dow Jones Industrial Average's futures fell by 207 points, equivalent to a drop of 0.6%. The S&P 500 futures were also down by 0.7%, while the Nasdaq 100 futures were down by 0.6%.
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Pseudonymous analyst CediBull remains firm in their idea shared below, with a target of at least $27,100, and a high probability of testing the mid-range at $26,700. On the upside, there is a considerable amount of liquidity accumulated below us, accompanied by rejection wicks to the upside.
Open Interest has surpassed its peak, which historically has signaled a local top in the past five out of five instances. The direction seems clear, but how far the price will go down, he said. The long-term outlook is still bullish, and breaching $24,800 is not anticipated. I believe we may test the mid-range, and if it holds, we could experience an early bottom. There is also the possibility of a swift dip below $26,000, which could be an excellent opportunity for a low-risk, high-reward entry once again.
Santiment's On-Chief Analytics firm, Santiment, reported that the movement of over 10K $BTC off exchanges is the highest since September 7, indicating a significant shift in the Bitcoin market. Bitcoin, the renowned cryptocurrency, is making a second attempt to surpass the $28K market value. Utility should not be forgotten, especially considering that unique addresses have reached their lowest point in six weeks.
To stay informed about trends like AI, regulations, SEC actions and institution adoption in the crypto market, attend Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City. Jim Cramer warns against using Binance, Provoking strong reactions from Twitter users.