look news india
Mumbai: The impact of Iran's missile attack on Israel is being seen on global equity markets as well as risky assets like cryptocurrencies. The global crypto market has seen a decline due to the possibility of interest rate cuts by various central banks due to unrest in the Middle East. The global market capitalization of crypto-currencies also fell by more than six percent to $2.24 trillion in the last twenty-four hours.
The price of the major cryptocurrency Bitcoin has fallen by more than four percent in the last twenty-four hours and slipped below $61,000. By late evening Bitcoin was trading at $60,990. Bitcoin seen as low as $60,300. The price of Ethereum also fell by seven percent to $2449.
Hopes of a phased rally in the crypto market following interest rate cuts by the Federal Reserve last month have now been dashed due to unrest in the Middle East.
According to the data received, Bitcoin has seen a decline only twice in October in the last 11 years. Bitcoin ETFs have also seen panic amid fears of a fall in Bitcoin prices due to the tensions. On Tuesday, US-run Bitcoin ETFs saw an outflow of $24.26 billion, the largest outflow since September 3.