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. As the news broke, the markets reacted swiftly, and U.S. equities took a nosedive. 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%.
While bitcoin tapped $60,246, it quickly rose back up to $60,800 per coin.
Globally, markets tightened as concerns mounted over the potential escalation into a world war. Social media is filled with discussions about World War III, and news outlets across the globe are delivering constant updates. Just like traditional stocks, the crypto market is feeling the pressure, shaken by news that has unsettled equity investors. The crypto market’s overall value has dropped to $2.12 trillion, down 5.59% 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, however, has remained 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.
