Crypto

Bitcoin drops to $60,000 as escalating Middle East tensions rattle the crypto market

Published

1 year ago

October 1, 2024

Bitcoin drops to ,000 as escalating Middle East tensions rattle the crypto market

Illustration: Malte Mueller (Getty Images)

Bitcoin fell to $60,000 on Tuesday evening as tensions in the Middle East worsened due to Iran’s attack on Israel. The leading cryptocurrency dropped nearly 5%, trading at $60,834.

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Ether, the second-largest cryptocurrency by market capitalization, which had been outperforming Bitcoin just days prior, saw a steeper decline, plunging over 6% to hover around $2,450.

The sharp sell-off in the crypto market mirrors the negative sentiment that gripped the broader financial markets on Tuesday following Iran’s attack on Israel. The geopolitical uncertainty has rattled investors, leading to a widespread risk-off approach.

Other major cryptocurrencies also took a hit, with Solana, Cardano, and Dogecoin falling by over 8%, 7.5%, and 10%, respectively, over the past 24 hours. As a result, the global cryptocurrency market cap dropped 4.7% to $2.14 trillion, according to data from CoinMarketCap.

The market’s volatility underscores the broader impact of geopolitical events on investor confidence across asset classes, particularly within the more speculative crypto space.

Crypto ETFs have mixed results

Meanwhile, spot Bitcoin exchange-traded funds (ETFs) and spot Ether ETFs had mixed outcomes. According to ETF tracker Farside, while spot Bitcoin ETFs experienced inflows in the past week, spot Ether ETFs saw a mix of inflows and outflows.

Investors will keep an eye on the trend in the coming days following the Fed’s interest rate cut and the escalating tension in the Middle East.

Related Topics:Bitcoin Business Cardano Cryptocurrencies dogecoin exchange traded fund Finance grayscale investments Quartz

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Crypto

Crypto Tax Pressure Reaches Congress as Lawmakers Face Urgent Push to Rewrite Federal Rules

Published

10 minutes ago

December 17, 2025

Press Room

Lawmakers are confronting rising pressure to modernize cryptocurrency tax policy as uncertainty clouds compliance, threatens U.S. competitiveness, and forces Congress to weigh legislative action amid warnings that capital and innovation could move offshore.

Crypto

Cryptocurrency becomes trendy holiday gift option

Published

12 hours ago

December 16, 2025

Press Room

Cryptocurrency becomes trendy holiday gift option

PHOENIX (AZFamily) — Cryptocurrency is appearing on more holiday wish lists as gift-givers look for alternatives to traditional presents.

A new survey from the National Cryptocurrency Association and PayPal shows 24% of Americans have given or are considering giving cryptocurrency this holiday season.

The survey also found that 17% of consumers would rather receive cryptocurrency than a gift card, and 31% of Americans believe crypto gifts are less likely to go unused than gift cards.

“It’s actually a trending holiday gift, especially compared to gift cards,” said Ali Tager, a spokesperson for the NCA. “We know crypto is becoming increasingly mainstream.”

Tager said people like receiving cryptocurrency because it has the potential to increase in value.

“There’s so much you can do with this technology and it’s still in its early days,” she said.

Financial advisor Angelica Prescod said there are other investment options to consider for gift-giving.

“One of them is just gifting people something simple. Maybe some shares of some stocks that you may already have, that you are gifting over, or you can give them the cash to do so and open up their own account and feel involved in the process,” Prescod said. “For most folks [cryptocurrency] is not really the go to.”

Gift-givers can also contribute to 529 plans for college and other education expenses.

“It’s that gift that potentially can keep on giving,” Prescod said.

For those still interested in giving cryptocurrency, experts recommend doing research first.

“Like with everything, anywhere, you always want to do your research. You want to make sure to verify your sources. You never want to take financial advice from strangers or click on random links that you receive,” Tager said.

The National Cryptocurrency Association offers a crypto simulator that helps users learn how to choose an exchange, set up a wallet, and send and receive cryptocurrency without spending real money.

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Crypto

Visa Targets Banks and Fintechs With Stablecoin Advisory Launch as Adoption Pressure Tightens

Published

1 day ago

December 16, 2025

Press Room

Visa Targets Banks and Fintechs With Stablecoin Advisory Launch as Adoption Pressure Tightens

Visa is moving deeper into stablecoin-powered payments as adoption surges, launching a new advisory practice to help banks, fintechs, and enterprises design, assess, and deploy stablecoin strategies across global payment and treasury operations.