LUCKNOW (CoinChapter.com) — Iranian President Ebrahim Raisi was killed in a helicopter crash on May 19, 2024. The crash also resulted in the death of the foreign minister and other officials on board. People on social media share their views on this news, with some suggesting it might have been an assassination, while official reports label it an accident. Whatever may be the reason, this news has impacted the crypto market almost negatively.
Following Raisi’s death, the overall crypto market cap has dipped slightly to $2.43 trillion, reflecting a 0.32% decrease over the past 24 hours. Despite an 11.34% increase in trading volume to $53.96 billion, investors appear to be exercising caution. They seem to be waiting for clarity on the geopolitical front before making significant moves.
Heat map, a visual representation of the performance of various cryptocurrencies. Source: CoinMarketCapBitcoin and Ethereum Face Minor Declines
Bitcoin (BTC) has seen a minor 0.09% decrease in value, trading at $67,066.53. However, its market cap remains strong at $1.32 trillion, and its price is only 0.88% below its 7-day all-time high. This shows relative stability amidst the turmoil.
BTC/USD Daily Price Chart. Source: CoinMarketCapEthereum (ETH), the second-largest cryptocurrency, has experienced a 0.18% decline, trading at $3,110.67. Despite this modest drop, Ether’s market cap stands at $373.48 billion, reflecting its widespread adoption in decentralized applications and smart contracts.
Market performance of major crypto. Source: CoinMarketCapThe market performance of altcoins has been mixed. BNB and XRP have seen declines of 0.23% and 1.69%, respectively. On the other hand, Solana (SOL) has bucked the trend with a 2.35% increase, trading at $178.27. Stablecoins like Tether (USDT) and USD Coin (USDC) have maintained their pegged values close to $1, acting as safe havens during this volatile period.
Memecoin Segment Shows Volatility
The meme coin segment has exhibited notable volatility. Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced declines of 2.04% and 2.79%, respectively. However, outliers like Dogewithahat (WIF) have defied the trend, rising by 3.12% to $2.69, highlighting the unpredictable nature of this market segment.
Performance of major memecoins. Source: CoinMarketCapOther meme coins like FLOKI and BONK have witnessed substantial drops of 3.75% and 5.83%, respectively.
The current flatlining of the cryptocurrency market suggests that investors are adopting a wait-and-see approach. They are cautiously monitoring developments in the Middle East. Minor price fluctuations across major cryptocurrencies indicate a balanced mix of caution and opportunistic trading.
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