Bitcoin Price Drops to 2-Week Low as Hamas-Israel Conflict Intensifies (Market Watch)

The price of bitcoin followed the recent trends in the rest of the crypto market and slumped below $27,000 to mark a two-week low.

Most altcoins have calmed after several consecutive days of freefall, with some even posting minor gains.

BTC Down to 2-Week Low

It was about ten days ago, or before the start of the flat-out war between Hamas and Israel, when the primary cryptocurrency shot up to a multi-week peak of $28,600. However, it failed to keep its momentum going and started losing value almost immediately.

After a few pumps and dumps of around $1,000, the cryptocurrency settled at around $27,500 for the past several days. This came amid the quiet weekend. The business week started with minor volatility, but the worst, at least for now, came earlier today.

Bitcoin dropped by nearly a grand and fell to its lowest price position in two weeks of $26,550. It managed to recover some ground in the following hours but still struggles beneath $27,000. The latest price developments come amid the intensification of the conflict between the two Middle Eastern sides.

Consequently, BTC’s market cap has slumped to $525 billion after soaring past $550 billion earlier this month. Its dominance over the alts has also taken a slight hit and is under 50% now.

BTCUSD. Source: TradingView## CRO Goes Up, RUNE Goes Down

Most altcoins dumped hard in the past several days but are slightly calmer today. Some, such as ETH, are even with minor gains. The second-largest crypto has stopped its freefall and has remained above $1,550.

Tron, Toncoin, Bitcoin Cash, and Chainlink are also slightly in the green. CRO has jumped the most from the top 36 crypto assets, having gained just over 3.5%.

In contrast, though, assets like Ripple, Binance Coin, Solana, Cardano, and Dogecoin are still slightly in the red.

The total crypto market cap has remained down at $1.050 trillion after losing more than $40 billion in the past couple of days.

Cryptocurrency Market Overview. Source: Quantify Crypto