Crypto markets lose $100 million amid ongoing Hamas-Israel conflict

100
1
Crypto markets lose $100 million amid ongoing Hamas-Israel conflict

The ongoing Hamas-Israel conflict and a significant ether sale by the Ethereum Foundation were reflected in broader crypto markets, as bulls lost over $100 million in futures positions and the market slid 2% on average.

Bitcoin showed signs of stability compared to other tokens, losing 1% in the past 24 hours and hovering above a key support level of $27,500 in Asian morning hours Tuesday. The value of riskier assets like technology stocks and bitcoin are at a critical juncture, despite the rise in oil prices.

In a note, analysts at trading firm FxPro said they were watching for a break of the $28,000 level for bitcoin before turning bullish.

The ether market has seen a drop 3% as the Ethereum Foundation sold $2.7 million worth of the tokens on Monday, sparking worries among traders. This weighed in on ETH futures markets - with ether bulls losing more than $30 million, the highest among all crypto traders.

Elsewhere, Solana's SOL tokens slid almost 5%, XRP fell 3.7% and Cardano's ADA fell 3.4%. The CoinDesk Market Index, a broad-based indicator of crypto markets that monitor hundreds of tokens, fell 1.9 - pointing to overall losses for traders.