Anticipated Surge in Broader Cryptocurrency Market as a Result of Hamas Ceasefire Proposal to Israel
The global crypto market has been greatly impacted by the ongoing war between Israel and Hamas. Previous drone attacks caused Bitcoin and other cryptocurrencies to plummet in value, leading to a widespread sell-off.
However, there may be a change in the situation this time, as Hamas has proposed a ceasefire to Israel. Egypt and Qatar, acting as intermediaries in the negotiations, put forth the proposal. Despite this, Israel has stated that it will continue to put pressure on Hamas and will send delegates to speak with mediators to explore the possibility of reaching an agreement. At present, Israel has rejected the proposal, deeming it “far from Israel’s basic requirements,” as reported by the BBC.
As the negotiations unfold, experts and analysts in the crypto industry are considering the potential impact of a truce between the two nations. Let’s delve into what might happen to the crypto market if such an agreement is reached.
Bitcoin, the largest cryptocurrency by market cap, is currently trading at $63,795, reflecting a 1.15% decline in the past 24 hours, according to data from CoinMarketCap. Prominent crypto analysts have made bold predictions about Bitcoin’s price, envisioning a rally to the $80,000 range by the end of May. Some even anticipate the price flirting with $70,000 by the end of this week.
A notable analyst, Ali Martinez, has suggested that Bitcoin is still in a favorable zone, despite its surge from $57,000 to $64,000. Martinez emphasizes that the MVRV 90-Day Ratio supports this claim.
Bitcoin’s 24-hour trading volume has seen a significant increase of 62.75%, reaching $30.2 billion. Moreover, the open interest for Bitcoin futures has experienced substantial fluctuations in the past day. Robinhood has witnessed digital asset withdrawals due to the SEC’s Wells notice against the company. With the anticipated post-halving effect and the potential settlement between Israel and Hamas, Bitcoin could be on track to reach $80,000.
On the other hand, the altcoin market may see a different scenario. QCP Capital, a digital asset trading firm in Singapore, suggests that Ethereum, the second-largest cryptocurrency by market cap, may experience a delayed price rally. The firm points out that Ethereum lacks the same positivity and its risk reversal remains at -4%. This delay could be attributed to the postponed approval of the ETH spot ETF by the Securities and Exchange Commission for VanEck and Ark21, scheduled for May 23 and 24.
Meanwhile, XRP, another trending cryptocurrency, witnessed a brief price rally following the SEC’s deadline to file its remedies brief reply. Lawyers argued that the SEC’s demand for a $2 billion settlement from Ripple was unreasonable. Currently, XRP is trading at $0.541, showing a 0.91% decline in the last day. Additionally, the trading volume has increased by over 215% to $1.89 billion.
In the realm of memecoins, Shiba Inu, Dogecoin, and PEPE might experience a resurgence if a ceasefire is achieved between Israel and Hamas. These coins’ growth is largely driven by hype, market sentiment, and positive news. Currently, SHIB, DOGE, and PEPE are being traded at $0.000024, $0.156, and $0.000008468, respectively.
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Bitcoin (BTC)
Ethereum
shib
XRP
