The cryptocurrency market posted significant losses this Tuesday, October 10, due to investor concerns over geopolitical turmoil. The cryptocurrency market has been down since last day, with global equity markets down moderately, amid rising oil prices due to renewed turmoil in the Middle East.
The conflict between Israel and Hamas entered its third day on Monday, with concerns about the possible impact of the war affecting oil prices. Investors seem concerned about possible supply disruptions in the coming days.
Cryptocurrency prices today.
Meanwhile, the price of bitcoin has fallen 1.21% in the past 24 hours to $27,607.08 at the time of writing, while its one-day volume is up 56.41% to $12.1 billion. The losses have erased the cryptocurrency's recent gains and bring its one-week performance closer to the flat line.
On the other hand, Ethereum's price dropped 3.12% to $1,584.26, with its volume soaring 115.65% to $7.25 billion since yesterday. Simultaneously, XRP's price plunged 3.86% to $0.4993, with its volume soaring 142.67% to $989.86 million.
Losses in most major cryptocurrencies pulled down the global market on Tuesday. At the time of writing, the global cryptocurrency market capitalization was down 1.81% from yesterday to $1.07 trillion. At the same time, market volume was up 59.54% to $28.94 trillion. Notably, the cryptocurrency market's fear and greed index remained at 43 during the write-up.
Highlights of the day:
Tezos (XTZ): The Tezos cryptocurrency has captured investors' attention with its recent gains, despite the overall market decline. The price of Tezos rose 5.96% to $0.72 during Tuesday's trading, with its volume yesterday jumping 749.75% to $82.93 million.
Gala (GALA): Gala's price dropped 7.63% in the last 24 hours and was trading at $0.01333 at the time of writing, making it one of the most bearish stocks on Oct. 10. Its volume in the last 24 hours soared 52.11% to $41.67 million. Although there is no recent news on its decline, it seems that the negative sentiment in the market has dragged down the crypto price.
Woo Network (WOO): Woo Network's price was down 7.31% on the scrip and traded at $0.1655, while its market cap fell 7.13% from yesterday to $291.11 million. The drop in the broader market appears to have triggered a drop in the cryptocurrency's price on Oct. 10.