Altcoins plummet as geopolitical instability and long liquidations shake the market
The post Altcoins plummet as geopolitical instability and long liquidations shake the market appeared on BitcoinEthereumNews.com.
On Oct. 2, several major altcoins, including STRK, AR, LDO, and CORE, experienced double-digit losses as geopolitical tensions and long liquidations hit the crypto market. Starknet (STRK) led the altcoin losses, dropping 13.4% over the past 24 hours. Trading volume remained around $151 million, while its market capitalization shrunk by 13.75%, now sitting at $772 million. Similarly, Arweave (AR) fell 14.3% to $19.98, with a daily trading volume of $226 million and a market cap of $1.3 billion—its lowest point in the last seven days. Lido DAO (LDO) also suffered, down 12.7%, trading at $1.16. Lido’s market cap declined to $1.03 billion, with a daily volume of $179 million. Core (CORE) followed suit, slipping 12.4% to $0.9292, with $50.4 million in daily trading volume and a market cap reduced to $851 million. Broader market conditions and Bitcoin’s role The sharp decline in these altcoins coincided with a broader contraction in the cryptocurrency market, which saw its total market capitalization drop by over 5.5% to approximately $2.26 trillion. The downturn occurred against a backdrop of rising geopolitical instability, including Iran’s missile strikes on Oct. 1 and a pullback in US equities, which compounded a weakening investor outlook for the traditionally bullish “Uptober.” Bitcoin (BTC), the market’s anchor asset, dropped 3.2% in the last 24 hours, shedding nearly $4,000 hitting a two-week low of $60,315 earlier today, per data from crypto.news. The decline was partially driven by geopolitical developments, which spurred sell-offs in risk assets across global markets. BTC 24-hour price chart | Source: crypto.news Though Bitcoin has recovered slightly to $61,850, its price action stands in stark contrast to that of traditional safe-haven assets such as gold and oil. Gold surged 1.4% to $2,665 per ounce, nearing a record high, while crude oil spiked 7% to $72 per barrel. The rising…
Filed under: News - @ October 2, 2024 9:24 am