Crypto Market Stumbles Amid Wider Geopolitical Tensions and Macroeconomic Shifts

The growing uncertainty is being seen in the crypto market triggered by macroeconomic shifts and geopolitical shifts. The new data suggests that the total crypto market capitalization has reached $3.25T after a 4.14% decrease. Contrarily, the 24-hour crypto volume accounts for $160.34B after an 18.65% rise. In the meantime, crypto Fear & Greed index stays neutral at 54 points.

$BTC and $ETH Witness 2.94% and 8.82% Price Plunges

Bitcoin ($BTC) has incurred a 2.94% loss in its price over past 24 hours, reaching $104,531.75. Additionally, the flagship crypto asset has a market dominance of nearly 63.9%. Similarly, Ethereum ($ETH) has witnessed an 8.82% dip as its price has reached the $2,515 mark. Apart from that, its market dominance stands at 9.3%.

$BULLA, $PEOPLE, and $MAGA Lead Crypto Gainers of Day

Concurrently, the top crypto gainers include Bulla On Base ($BULLA), MAGA ($PEOPLE), and TRUMP MAGA ($MAGA) in the prominent positions. In this respect, $BULLA is at the peak among crypto gainers with an 887.33% rise at $0.0003692. Along with that, $PEOPLE has reported a 500.36% increase to touch $0.00006359. Following that, $MAGA has attained the $0.02491 in terms of price after a 481.41% spike.

DeFi TVL Sees 6.70% Dip While NFT Sector Records 6.43% Increase in Sales Volume

The above-mentioned crypto decline has also been reflected by the decentralized finance (DeFi) sector. In this respect, the DeFi TVL accounts for $110.213B after a 6.70% decline. Additionally, the top DeFi project AAVE has also beheld a 7.09% dip to reach $24.535B in TVL. However, when it comes to the highest 1-day TVL change, HipPowSwap has seen a 15112344% increase to reach $330.24 in TVL.

On the other hand, the non-fungible token (NFT) sector presents a 6.43% in sales volume that has touched $19,346,186. Particularly, Guild of Guardians Heroes dominates NFT collections in sales volume with a 38.71% rise. Hence, its present sales volume equals $3,261,611.

Israel-Iran Conflict and No Hopes for Fed Rate Cuts Contribute to Broader Crypto Decline

Overall, the geopolitical tensions and the macroeconomic developments are driving this broader crypto decline. Specifically, the rift that started between Israel and Iran is a great contributor to this. Additionally, the collapse of the hopes concerning the U.S. Federal Reserve’s rate cuts has led to the exclusion of $1.15B from the crypto market. Moreover, if the war escalates between Israel and Iran, it could persuade crypto investors to quit high-risk cryptocurrencies and turn toward traditional assets.