The global cryptocurrency market has been experiencing an ordeal marked by significant price dips and market downturns. And, the core reason? The ongoing Israel vs. Iran war. Alongside last week’s price dip, the market has again plunged, with Bitcoin (BTC) dipping to $99,000 last night as Israel struck nuclear sites in Iran.
Although the crypto landscape is bearing sad stories, it is surrounded by major positive developments and promising signs of long-term growth, such as increased institutional growth, stablecoin adoption, regulatory clarity, and technological upgrades.
How is the Israel vs. Iran war impacting the crypto market?
The ongoing Israel vs. Iran war has put the market on a heater over the past two weeks. At the time of reporting, the crypto market was hovering at $3.12 trillion in market capitalization, with Bitcoin currently trading at $101,935. Experts have shared mixed reactions on future price movements. Worth noting, Strategy’s Michael Saylor has expanded his vision for Bitcoin, stating it will reach $21 million by 2046. However, this case is for the far future, and the current market dip may continue to affect the BTC price.
An X post by an expert showed a poll that collected nearly 49.8% of respondents saying BTC will hit $114,000, whereas 50.2% believe it will stagger to $94,000. The poll result indicates that the price dip and price hike responses are balanced.
Market insight provider Coin Glass revealed a 24-hour Long Volume of $57.46 billion for the crypto market. This insinuates a bullish signal for the crypto market.
And, how are altcoins performing amid the dip?
Major altcoins have also been affected by the global market dip. Ethereum ($2,270), XRP ($2.03), Solana ($134.8), TRON ($0.2676), Cardano ($0.5512), Dogecoin ($0.1544), and other coins have plunged at the time of reporting.
These cryptocurrencies show a green signal
Despite major cryptocurrencies experiencing price drops, Hyperliquid (HYPE) showed a 4.98% hike in the past 24 hours, while UNUS SED LEO (LEO) gained 1.83% growth. Best of all, OKB (OKB) also achieved a 5.23% spike, and Four (FORM) is not an exception with an 11.06% increase, in the past 24 hours.
The market is dipping, but crypto adoption is deepening
The crypto market has sad stories, but it does not linger on them for a long time as long as volatility exists. Looking far away from the tearjerking incidents, the crypto realm is expanding as several countries and institutions have started accepting stablecoins and adopting cryptocurrencies.
Starting with the GENIUS Act, the US government has passed the bill to enhance a regulatory framework for stablecoin usage. Coinbase secured the Markets in Crypto Assets regulatory framework (MiCA) license to operate across all 27 European Union (EU) members.
What’s more, e-commerce platforms, Walmart and Amazon, are likely to launch their own U.S. dollar–pegged stablecoins to gain “greater control over digital transactions”. Payment card platform Visa is gearing up to expand its stablecoin payment solutions for users across Central and Eastern Europe, Middle East, and Africa (CEMEA) region.
Meanwhile, never exclude the other side of crypto. Hackers have been eyeing major crypto exchanges, including the recent attack on Iranian crypto exchange Nobitex. The attack was reportedly carried out by a pro-Israeli hacker and stole nearly $90 million worth of crypto.
While the crypto world is filled with striking headlines on the market dip caused by the war, some governments and institutions are contributing to the market growth. With increased crypto and stablecoin adoption, despite the market downturn, the industry could likely experience a surge both in terms of adoption and growth. The current major concern pushing the market down is the impact of the war, an uncertain situation with no clear end in sight.
Disclaimer: This website provides information only and isn’t financial advice. Do your own research before investing. Past performance doesn’t guarantee future results. Altcoin Desk isn’t liable for your financial decisions.
