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Cryptocurrency News Articles
Conflict Fears Rattle Markets: U.S. Stocks Slide, Bitcoin and Ethereum See Sharp Declines
Oct 02, 2024 at 05:35 am
On Oct. 1, 2024, reports flooded in stating that Iran had launched missiles at Israel, with most of the attacks successfully intercepted. However, Israeli military spokesperson Daniel Hagari noted that “a few hits” did occur.
Major U.S. stock indices closed lower on Tuesday, as growing concerns over a potential escalation in the Middle East conflict gripped markets.
According to the U.S. State Department, Iran launched nearly 200 ballistic missiles toward Israel, with most of the attacks intercepted by Israeli air defenses. However, some missiles did hit Israel, and the country's military reported "a few hits."
Following the announcement, bitcoin dipped to $60,246, while gold prices experienced a modest 1% rise.
The Russell 2000 (RUT) dropped 1.48%, the Nasdaq Composite (IXIC) fell 1.53%, the Dow Jones Industrial Average (DJI) slid 0.41%, and the S&P 500 (GSPC) lost 0.93%.
U.S. equities took a hit on Tuesday as news broke that Iran had launched missiles at Israel, despite efforts by the Israeli military to intercept the majority of the attacks. The RUT, Nasdaq, DJI, and S&P 500 all closed in the red.
As the world braces for the potential outbreak of World War III, markets are reacting strongly to the escalating conflict in the Middle East. Reports of the Iranian missile袭击s on Israel have gripped global markets, sparking concerns about a broader war. Social media is abuzz with discussions of World War III, and news outlets worldwide are providing continuous updates on the unfolding events.
In the realm of finance, the crypto market is feeling the heat, shaken by news that has unsettled traditional stock investors. The crypto market's overall value has dropped to $2.12 trillion, marking a 5.59% decrease over the past 24 hours.
Bitcoin (BTC) fell 4.86% on Tuesday, while ethereum (ETH) dropped 6.5%. The leading crypto asset, BTC, hit a low of $60,246 at 4:30 p.m. EDT, while ETH reached an intraday low of $2,412 before rebounding slightly to the $2,440 zone.
Trading volume, on the other hand, has been sluggish since the morning, sitting at $109.37 billion at press time. Although it's still 33.12% higher than Sept. 30's volume, much of the trading reflects sell pressure. By 5 p.m. on Tuesday, BTC managed to rise to the $60,800 range.
Meanwhile, gold and silver have edged up by roughly 1% each. At 4:30 p.m. EDT, gold had gained 1.07%, and silver had increased by 0.82%.
The looming threat of war casts a heavy shadow over global markets, unsettling both traditional assets and crypto alike. Market participants are recoiling from uncertainty, and the prospect of further conflict is driving pervasive unease. As tensions grow, the fragile balance is being disrupted, sending markets into a cycle of fear and retreat, leaving no asset class untouched by the anxieties of war.
What do you think about the market reaction to the conflict in the Middle East? Share your thoughts and opinions about this subject in the comments section below.
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