The cryptocurrency market is experiencing significant downturns driven by rising geopolitical tensions between the United States and Iran, pushing investors towards safer assets.
Overview of the Cryptocurrency Market
In the past 24 hours, the cryptocurrency market capitalization decreased by 6.2%, totaling $3.16 trillion. The total trading volume was $148 billion, indicating a retreat of investors from riskier assets.
Top Assets: Winners and Losers
Despite the overall downward trend, some assets saw gains. Gains Network (GNS) surged 49.8%, Poollotto.finance increased by 38.2%, and meme coin Banana For Scale rose by 21.3%. On the losing side were Reservoir rUSD (RUSD) down 50%, Gorbagana falling 36.8%, and GAME from Virtuals, which dropped 34.7%.
Impact of Geopolitics on the Crypto Market
Investors, facing rising uncertainty, are opting for traditional assets like the U.S. dollar, gold, and government bonds. Despite this, the U.S. Dollar Index edged slightly lower to 98.774. Analysts anticipate near-term strength from safe-haven demand, influencing the behavior of the cryptocurrency market.
The recent dip in the cryptocurrency market highlights its sensitivity to global events and the shift in investor appetite during uncertain times.
