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Golo

06/19 07:34

Why is crypto down today – Geopolitical tensions,

Capital flows into crypto and Bitcoin could slow down in the short-term.Bitcoin-Featured-6-768x432.webp
  • Oil price volatility and wider market tensions have been tugging at Bitcoin, still the risk-on asset
  • Short-term price action will see Bitcoin gravitate towards local liquidity clusters
Bitcoin [BTC] was down 1.16% while Ethereum [ETH] shed 2.79% of its value in the 24 hours, at the time of writing, in the face of geopolitical tensions and macroeconomic uncertainty. U.S President Donald Trump demanding an “unconditional surrender” from Iran and threatening its leader while calling him an “easy target” did little to shore up market confidence.

The volatility around oil prices, which again hinged on the situation in the Middle East, also had an impact on the economy. Rising energy costs can reduce consumer purchasing power, for example, and could impact crypto in the long term.

Here, it’s worth pointing out that the “extreme greed” crypto sentiment in May has settled down to more neutral levels. The Fed’s rate decision on 18 June appeared to be priced in too, with the market expecting a 99.9% chance of no rate cuts.

On-chain metrics also showed that long-term holders have continued to accumulate. However, given the growing fears of a U.S military intervention in the Iran-Israel conflict, the crypto market will remain precariously poised. At least in the short term.
#Join HTX On A Fitness Journey To Mars#Miss HTX Season 3 Kicks Off With Global Selection#Do you think ANIME is promising?# Israel’s attack on Iran.#US May CPI data
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