Major cryptocurrencies were experiencing mixed trading on Friday amidst reports of ongoing attacks by Israel on Iran, raising concerns about a broader conflict in the Middle East.

At 10:36 am IST, Bitcoin was up by 0.9% trading at $62,200. Similarly, Solana (3.8%), Toncoin (13%), Chainlink (1%), and Internet Computer (4.3%) were also on the rise.

Conversely, Ethereum saw a 0.4% decrease at $3000. BNB (-1.1%), XRP (-1.5%), Cardano (-1%), Shiba Inu (-0.7%), Avalanche (-1%), Tron, and Polkadot were all in the negative territory.

Crypto Tracker

11,539 (4.07%)

5,174,559 (1.53%)

250,199 (0.39%)

83 (0.01%)

45,350 (-0.28%)

Edul Patel, Mudrex’s CEO, noted, “Amid escalating geopolitical tensions between nations, investors are shifting towards safer assets in the financial markets. Furthermore, the indication of delayed interest rate cuts by US Fed Chair Jerome Powell is adding to the pressure.” CoinDCX Research Team also advised caution, stating, “Market sentiment is volatile due to updates on the Iran-Israel conflict.”

Currently, the DeFi sector’s total volume stands at \(7.01 billion, representing 7.15% of the total 24-hour volume in the crypto market. Additionally, stablecoins account for \)91.99 billion, constituting 93.88% of the total 24-hour volume in the crypto market, according to data from CoinMarketCap.

Over the past 24 hours, Bitcoin’s market cap, the largest cryptocurrency globally, increased to \(1.22 trillion. Bitcoin’s dominance currently sits at 53.97%, with BTC volume rising by 4.5% to \)44 billion in the last 24 hours.

BuyUcoin’s CEO, Shivam Thakral, highlighted, “In the recent hours, \(34.03 million in Bitcoin long positions have been liquidated. However, the overall sentiment remains bullish as on-chain data indicates that holders have accumulated over \)1.7 billion worth of BTC in recent days.”

Tech view by Sathvik Vishwanath, Co-Founder & CEO of Unocoin:
Technical analysis indicates that Bitcoin is encountering challenges, with a pivot point at \(62,216 and resistance levels at \)64,606, \(67,695, and \)70,959. Support levels are identified at \(59,418, \)56,271, and $53,182.

The Relative Strength Index (RSI) at 40 suggests potential oversold conditions, while the 50-day EMA at \(65,415 serves as resistance. The outlook for Bitcoin remains bearish below \)62,216, with a potential shift to a bullish sentiment upon breaching this level.

(Disclaimer: The views and opinions expressed by the experts are their own and do not necessarily reflect those of The Economic Times)