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24 Crypto Update, 09 Oct: Cryptocurrency market in turmoil

Key Takeaways
  • Market uncertainty due to Israel-Palestine conflict shifts investors to safe havens
  • Bitcoin continues to trade below $28,000, while Ethereum remains below $1,600
  • The cryptocurrency market cap has fallen to around $1.11 trillion, down by 1.80%
10-Oct-2023 By: Lokesh Gupta
24 Crypto Update, 09

Cryptocurrency Market Holds Firm Amid Cautious Investor Sentiment

The digital asset market had a lackluster performance on Tuesday, with the majority of cryptocurrencies experiencing declines in their prices. Crypto investors have been closely monitoring the escalating geopolitical tensions between Israel and Hamas, as a full-scale conflict erupted over the weekend.

In the last 24 hours, the crypto market volume surged by 38.62% to reach $23.49B. DeFi accounted for $2.59B of this volume, representing 11.03% of the total. Stablecoins dominated with $21.15B, making up 90.06% of the 24-hour volume. Bitcoin's dominance now stands at 50.10%, up by 0.16% today.

Major Events To Watch:

Crypto Fear and Greed:

The cryptocurrency market has maintained a sense of stability in the past 24 hours, mirroring the calm typically seen during the weekend. The "Greed and Fear Index" presently stands at 50, signifying the neutral midpoint on its scale, which ranges from 0 to 100.

Latest Market Update: 

Bitcoin struggled to surpass $28,000, while other top altcoins like Ethereum, Dogecoin, Ripple, and Litecoin experienced widespread losses. Investor caution prevails amid escalating Israel-Hamas violence. Tezos saw the largest gain, surging over 7% in 24 hours, while GALA suffered the most significant loss, dropping nearly 7%.

Major Worldwide News Update:

  • Coinbase Director Conor Grogan exposed suspicious operations at FTX and Alameda Research involving Tether's USDT stablecoin minting. Alameda was responsible for $39.55 billion of USDT, raising concerns about the use of customer deposits to offset losses. This revelation coincides with FTX founder Sam Bankman-Fried's fraud trial, adding more intrigue to the situation. Tether has also quietly resumed lending its USDT stablecoins, aiming to protect customers from liquidity shortages.

  • Israel's Web3 community has launched "Crypto Aid Israel" to provide humanitarian assistance amid the Israel-Hamas conflict. A multisig wallet will collect donations in various cryptocurrencies, overseen by trusted local community members and Fireblocks, an MPC platform. This follows the crypto community's trend of aiding in humanitarian crises, such as Russia's Ukraine invasion. Israel boasts a thriving crypto ecosystem and supportive regulators. The ongoing conflict has not significantly impacted the crypto market, but heightened tensions could increase price sensitivity.

  • Binance introduces copy trading for futures products in select markets, enabling users to replicate experienced traders' strategies. Two modes, fixed amount and fixed ratio, offer flexibility in investment management. Lead traders can earn a profit share and commission rebates, promoting knowledge sharing and community engagement. Up to 10 lead traders can be followed, providing portfolio insights.

  • China Daily, backed by the Chinese Communist Party, allocates 2.813 million Yuan ($390,000) to create an NFT platform. A third-party contractor with blockchain tech expertise and high transaction capacity will develop it. The platform aims to blend technology and culture, utilizing metaverse, VR, AR, blockchain, NFTs, and more to promote Chinese civilization globally. It plans to engage with international NFT platforms like OpenSea and Rarible. This initiative operates amid stringent cryptocurrency regulations in China.

  • Caroline Ellison, a key witness in Sam Bankman-Fried's fraud trial, is set to testify, shedding light on FTX and Alameda Research's operations. Her testimony is expected to reveal details of the alleged fraud that led to FTX's collapse. Ellison had previously pleaded guilty and cooperated with prosecutors.

  • In response to a $400 million security breach at FTX in November 2022, consultant Kumanan Ramanathan used his Ledger Nano wallet to safeguard assets temporarily. Former CTO Gary Wang oversaw the transactions until BitGo's cold storage became operational. FTX later collaborated with BitGo, securing $1.1 billion, while $400 million went to the Bahamas Securities Commission. Sam Bankman-Fried's Chapter 11 bankruptcy and suspicions of insider involvement followed. Stolen assets shifted to Bitcoin via cross-chain exchanges for anonymity.

  • Robert F. Kennedy Jr., a pro-Bitcoin US Presidential aspirant, has left the Democratic Party to run as an Independent, emphasizing independence from corruption. Industry leaders support his pro-Bitcoin stance, though analysts consider his chances against President Biden and former President Trump as challenging without party backing.

  • Ripple Labs Inc. CFO Kristina Campbell has left the company after nearly 2.5 years, marked by legal battles with the SEC and the acquisition of Metaco. Campbell's LinkedIn update confirmed her departure, and she has taken on the role of CFO at Maven Clinic. Ripple has seen other top staff departures, but CEO Brad Garlinghouse remains confident in the legal team's strength.

  • The Ethereum Foundation exchanged 1,700 ETH for 2.738 million USDC on Uniswap, strengthening its stablecoin holdings. The move suggests a strategic approach to profit protection and diversification amid market volatility, highlighting the growing importance of stablecoins in the digital economy as Ethereum transitions to proof-of-stake with Ethereum 2.0.

COIN GABBAR Views: Is October a pivotal month for Bitcoin's bullish reversal? Can Bitcoin maintain its strength at $27,200 and break through the crucial $28,500 barrier for further gains? Will it reach $25K or $30K first in the near future? What can we anticipate after the halving event? Stay tuned for the latest news at

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 09 Oct: Israel-Hamas Tensions Worry Investors

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