Crypto Market Stays Greedy Despite Israel-Iran Tensions, Bitcoin Dips

  • The Crypto Fear & Greed Index remained in the “greed” zone, with a score of 60, after Israel’s recent airstrikes on Iran.
  • Bitcoin dropped 2.8% to $103,000, despite nearing its all-time high of $111,970 earlier in the week.
  • According to CoinGlass, over $1.74 billion in Bitcoin long positions could be at risk if the price falls below $100,000.
  • Spot Bitcoin ETFs recorded $1.37 billion in inflows over the past week, while spot Ether ETFs saw outflows of $2.1 million.
  • Bitcoin’s decline following the latest conflict was less severe than its 8.4% drop after Iran’s direct attack on Israel in April 2024.

The Crypto Fear & Greed Index, which measures overall sentiment in the digital currency market, stayed in the “greed” zone with a score of 60 on Sunday. This steady confidence comes after Israel launched airstrikes on Iran, leading to increased geopolitical tensions and market attention.

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Bitcoin, the largest cryptocurrency by market value, fell 2.8% to $103,000 on Friday after the reported explosions in Tehran. Earlier in the week, Bitcoin had approached its May 22 all-time high of $111,970. By the time of reporting, Bitcoin was trading at $105,670 according to CoinMarketCap, while Ether, the second-largest cryptocurrency, dropped 10.8% to a low of $2,454 before recovering to $2,534.

Market observers commented on Bitcoin’s stability amid the unrest. Crypto analyst Za stated on X, “Bitcoin does not seem concerned about the Israel and Iran conflict (yet).” Anthony Pompliano, a crypto entrepreneur, posted, “Bitcoin is relentless.” Traders have shown confidence that Bitcoin will remain above the key $100,000 level, first reclaimed on May 8. According to CoinGlass, a drop below this price could risk over $1.74 billion in long positions, which are bets that the price will rise.

Spot Bitcoin exchange-traded funds (ETFs) showed strength, with $1.37 billion in new inflows during the last five trading days, as reported by Farside. By contrast, spot Ether ETFs broke a 19-day streak, posting $2.1 million in outflows.

The recent decline in Bitcoin was less sharp than in April 2024, when Iran directly attacked Israel, leading to an 8.4% drop in Bitcoin’s price on April 13. After that event, the Fear & Greed Index dropped from “Greed” to “Fear” in less than three weeks.

Bitcoin’s seven-day change was a slight rise of 0.07%, while other assets like Ether saw notable declines during the same period.

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