đ¨ Crypto Market Update đ¨
Cryptocurrencies took a hit Tuesday as tensions in the Middle East spooked investors. Bitcoin {{BTC}} soared to $64,000 during European hours but quickly fell to $62,500 after reports of a potential missile attack by Iran on Israel. At press time, BTC was down 2% to $62,700.
- CoinDesk 20 Index mirrored this drop, with ETH and SOL faring slightly better.
- DOT, UNI, POL, and HBAR saw more significant declines.
- U.S. stock indexes also opened lower, with the S&P 500 and Nasdaq down 1.2% and 2%, respectively.
- Gold surged 1.2% to $2,690 per ounce, nearing its record high.
The contrasting moves of gold and Bitcoin highlight BTC's correlation with risk-on assets like stocks. K33 Research noted BTC's 30-day rolling correlation with the S&P 500 is nearing yearly highs at 0.62.
What are your thoughts on this market reaction? Share your comments below! đŹ
