Crypto-Prices Unharmed as Israel and Palestine Wage War

Bits Logics Team . 10th Oct 2023
  • Santiment reported that there has been a shift away from price discussions to Israel-Palestine war.
  • Nasdaq reported that crypto traders lost more than $100 million from liquidations. 
  • BTC holds ontt crucial support amidst adverse geo political conditions.

Social Metrics Platform, Santiment tweeted that since October 6, there has been a shift away from price discussion to the Israel and Palestine war. Although the war, yet, has had no significant impact on the prices of crypto, however, an escalation could create price sensitivity in the future.

Nasdaq reported that major cryptocurrencies plunged on Monday evening following an escalation in the Israeli-Palestinian conflict over the weekend. Bitcoin lost 0.49%, ETH lost 0.79% and Dogecoin lost 0.99%. Cryptocurrency traders faced significant losses which exceeded $100 million from liquidations during Monday’s market downturn. This was triggered by a decline in digital asset prices and probably the conflict in the Middle East.

Additionally, CoinGlass data revealed that $105 million of long positions, which were speculative bets on price increases, were also entirely wiped out.

However, Senior Macro Strategist at Bloomberg Intelligence,  Mike McGlone tweeted that traders were currently demonstrating a “risk-off tilt” towards Bitcoin. With regard to Bitcoin, he stated that the downward-facing 100-day SMA AVG might win the battle against the upwards-trending 50-day SMA AVG. 

When the correlation of crypto with war is considered, Elliptic, a blockchain analytics company, stated that more than $212 million worth of cryptocurrencies was given to support pro-Ukrainian war operations, as the war enters the second. This includes the direct transfer to the Ukrainian government of almost $80 million in cryptocurrency.

Crypto and Bitcoin Enthusiast. Michael van de Poppe tweeted that BTC was holding a crucial level of support. 

He stated that Gold is up, uncertainties are rising, and Yields are down, so Bitcoin should follow. As such, he expects BTC to reach $30K and suspects that this is the beginning of that trajectory. 
BTC/USDT 1-Day Chart (Source: Tradingview)

The above chart shows that BTC is rising after rebounding off of the support level at $25.6K. More importantly, it is holding above Michael’s support level. During this uptrend that started since BTC reached the $25.6K, the prices have been in the upper half of the Bollinger bands. 

Currently, as there seems to be some bearish momentum building in the market, there is a possibility that BTC could test the $25.6K before reaching the $31K level. 

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.