Crypto Market Slumps Amidst Middle East Uncertainty and Crude Oil Price Surge
Cryptocurrencies declined over the past 24 hours due to market uncertainty in the Middle East and rising crude oil prices. The unexpected drop in US payrolls and anxiety surrounding upcoming inflation data releases also weighed on sentiment.
The recent Bitcoin sales by Strategy Inc, a leading Bitcoin treasury company, further contributed to the decline. According to its filing, the company sold 1,690 Bitcoins between August 3 and August 9, aggregating $108.6 million at an average sale price of $64,262.
BTC traded between $65,402 and $64,456 during this period, with a decrease of 0.59% overnight to $64,732.01. The overall crypto market capitalization decreased by 0.65%, while trading volumes increased by 35%. Ethereum (ETH) dropped 1.4% to $1,895.97.