Due to political tensions, the crypto market cap plunged from 2.97 trillion USD to 2.87 trillion USD in just six and a half hours, prompting significant sell-offs. Bitcoin dropped to 86,692 USD, while Ether fell to 2,827 USD.
Current odds suggest an 80% likelihood of a US government shutdown by January 31, 2023. Historical data indicates that during past shutdowns, cryptocurrencies faced significant price declines, adding to bearish sentiment.
Gold has outperformed Bitcoin amidst the uncertainty, with the Crypto Fear & Greed Index indicating extreme fear among investors. This reflects a trend where traditional assets are favored during geopolitical instability.
Leave a Reply