On Tuesday, in the midst of a minor correction in oil prices compared to the surge in recent days following the extremist group Hamas’s attack on Israel over the past weekend, the cryptocurrency market was valued at $1.07 trillion, marking a 0.17% increase. Meanwhile, Bitcoin (BTC) was trading slightly above $27,600, reflecting a 0.53% increase, with a market dominance of 50.2%. Simultaneously, several altcoins demonstrated double-digit percentage gains.
The price fluctuations showed a correlation with some of the major stock market indices, which had also reacted the previous day as global markets opened lower in response to the Israeli attacks in the Gaza Strip. This further heightens global concerns of a regionalized war that has already resulted in nearly two thousand casualties in Israel and Palestine.
The inflation catalyst, which is considered a nemesis of the cryptocurrency market due to central banks’ efforts to raise interest rates, which impact liquidity in risk-associated markets, led to oil prices trading at $87.70, representing a 0.51% decrease after encountering resistance at $89 at the onset of the conflict. On the other hand, the S&P 500 closed at 4,335.66 points, reflecting a 0.63% increase, while the Nasdaq settled at 13,484.24 points, up by 0.39%.
