Bitcoin Rises 2% As US Job Data Offsets Middle East Concerns
Date
10/4/2024 3:20:43 PM
(MENAFN- The Rio Times) The Cryptocurrency market showed signs of recovery after recent losses. bitcoin gained nearly 2% following the release of positive US employment data.
Investors seemed to momentarily set aside concerns about the Middle East situation. Iran's launch of 200 missiles at Israel earlier this week sparked fears of a broader conflict.
This event initially triggered risk aversion in the markets. However, the crypto Fear & Greed index rose from 37 to 41 points, indicating a shift towards neutral territory.
Around 10:28 AM (Brasília time), Bitcoin traded at $61,500, up 1.7% in 24 hours. Ethereum's Ether rose 1.2% to $2,381.
The total cryptocurrency market cap reached $2.24 trillion. In Brazilian reais, Bitcoin appreciated 1.55% to R$337,843.
Among altcoins, Solana (SOL) increased 3% to $140.81. Binance Coin (BNB) rose 2% to $551.90. Avalanche (AVAX ) surged 5.1% to $25.69. These gains reflect a broader market recovery.
Spot Bitcoin ETFs in the US experienced a net outflow of $54.2 million. This marked the third consecutive trading day with capital outflows. Ark Invest's ARKB led the withdrawals with $58 million in net sales.
An analyst from a major cryptocurrency exchange noted that selling pressure on cryptocurrencies remains relatively low.
Long-term investors and speculators are holding onto their coins for longer periods. This behavior suggests growing confidence in the market.
Another market expert pointed out that global uncertainties drive investors to seek capital protection. Gold remains a preferred safe-haven asset during such times.
Cryptocurrencies often see rapid capital outflows in these situations, increasing their volatility. The market's response to positive economic data highlights the complex factors influencing cryptocurrency prices.
This occurs amid ongoing geopolitical tensions. Investors continue to balance growth opportunities with risk management in this dynamic sector.
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