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The global crypto market cap is $1.34 trillion with a 24-hour volume of $44.06 billion. The price of Bitcoin is $35,423.69 and BTC market dominance is 51.7%. The price of Ethereum is $1,890.14 and ETH market dominance is 17.0%. The best performing cryptoasset sector is Yield Farming, which gained 9%.
Bitcoin bucks traditional trend with 27% rally amid geopolitical turmoil as gold and oil falter.
The recent conflict in Israel has triggered a sharp market response from a wide array of assets.
Bitcoin saw a significant surge of 27%, growing from around $28,000 to approximately $35,000 since Oct. 7.
On the contrary, gold exhibited a less pronounced reaction despite traditionally being considered a secure geopolitical hedge. After an initial breakthrough of $2,000, it saw a subsequent 2% decline, leaving its overall increase at just 5%, trading at $1,960 at press time.
The oil market, often responsive to geopolitical unrest, experienced a surprising downturn. Brent crude oil and WTI crude oil have depreciated by over 8% and 11%, respectively. According to several economic theories, this unusual trend indicates that oil prices are linked to economic growth.
During the past three recessions in 2000, 2008, and 2020, there has been a significant collapse in the oil market each time. This pattern suggests that the current decline in oil prices could potentially be signaling an impending economic slowdown or recession.
As central banks grapple with some of the steepest interest rates in recent memory to curtail growth and inflation, the oil industry is seemingly bearing the brunt, with WTI and Brent crude oil trading around $76.71 and $80.99, respectively.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
Exploring the phenomena of inversion and un-inversion of the yield curve.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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