The encryption market fell on Monday and the total market value fell to $2.68 trillion, down 1.0 per cent over the past 24 hours. The turnover is $621.3 billion. At the same time, the geographical situation in the Middle East has again become more tense, with a rise in risk-averse attitudes in the market and the overall pressure on risky assets.
There's a general decline in major currencies.
Bitcoin dropped at one point to US$ 77,664.88 and at 24 hours it dropped 0.8 per cent. It fell to US$ 2,417.73, or 2.0 per cent. XRP fell to US$ 1.35, with a decline of 3.4 per cent and a relatively weaker performance in the main tokens.
- Total market value for encryption: $268 trillion
- 24 Hours traded: $6,213 million
- Overall market decline: 1.0 per cent
Avoiding moods and suppressing risky assets
This turnback coincided with a broader market-averse sentiment. As tensions rose again in the Middle East, the willingness of investors to allocate high-risk assets declined, and encrypted assets were strained.
Markets usually turn to a more robust hold when regional conflict-related news rises. In the past, encrypted assets have also fallen in parallel with risk assets such as equities, and risk preferences will not recover until the situation becomes clearer.
Encryption Market Extension
From this fluctuations, the encryption market continues to be associated with other risk assets. When local risk rises, funds tend to shift from more volatile assets to safer configurations.
In short, market concerns continue to develop in external risk events and whether risk preferences continue to weaken.