tl;dr
In October, geopolitical tensions between Israel and Iran have led to global market turmoil, impacting cryptocurrencies. Following Iran's missile attack on Israel, Bitcoin's value fell to around $60,200, with extensive liquidations totaling $523.37 million. Long positions saw $451 million liquidated...
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In October, geopolitical tensions between Israel and Iran have led to global market turmoil, impacting cryptocurrencies. Following Iran's missile attack on Israel, Bitcoin's value fell to around $60,200, with extensive liquidations totaling $523.37 million. Long positions saw $451 million liquidated, and short positions over $71 million. Additionally, US spot Bitcoin ETFs experienced significant outflows, affecting investor sentiment as the crypto fear and greed index shifted to "fear." Despite the downturn, some experts believe Bitcoin can rebound well from geopolitical risks, with BlackRock touting it as a safe haven during global crises.
On October 1, Iran launched a major missile attack on Israel. This marked the second such assault this year, following a similar incident in April. The situation prompted a stern warning from Israeli Prime Minister Benjamin Netanyahu, who promised “consequences” in retaliation. These events have plunged global markets into a state of heightened uncertainty, affecting cryptocurrencies significantly. As tensions soared, the crypto market experienced immediate repercussions. Bitcoin’s value tumbled to just below $60,200, marking a sharp 6% decline from its previous high of around $64,000. Consequently, the market witnessed extensive liquidations, with Coinglass reporting that liquidations over the last 24 hours amounted to a staggering $523.37 million.
Long positions were predominantly affected, with $451 million liquidated, while short positions saw more than $71 million erased. This market volatility resulted in the liquidation of 154,011 traders, with the largest single order valued at $12.66 million occurring on Binance in the BTCUSDT pair. Moreover, the US spot Bitcoin ETFs recorded substantial outflows. Data from SoSoValue indicated that on October 1, there were aggregate outflows of $242.53 million, marking the largest outflow in nearly a month and the third-largest in five months. The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the heftiest outflow, losing $144.67 million, followed by substantial withdrawals from the ARK 21Shares Bitcoin ETF (ARKB) and other funds. Contrarily, BlackRock’s iShares Bitcoin Trust (IBIT) bucked the trend, registering an inflow of $40.84 million, continuing its 15-day streak of no outflows.
The market events have also influenced investor sentiment. The crypto fear and greed index has now regressed to the “fear” category, dropping to a level of 42 from a neutral score of 50 just the day before. This shift highlights the market’s sensitivity to external geopolitical disruptions and their potent ability to influence investor behavior.
Despite the current downturn, some market experts maintain a positive outlook on Bitcoin’s prospects. André Dragosch, European head of research at Bitwise, suggests that Bitcoin tends to recover well after major geopolitical risks. “Geopolitical news should generally be faded,” Dragosch said. Echoing this sentiment, a recent BlackRock report posits Bitcoin as a viable safe haven during global crises. The report lauds Bitcoin’s decentralized and non-sovereign characteristics, which protect it from geopolitical shocks and economic uncertainties that often afflict traditional assets.
More about Interlink Electronics Inc
Interlink Electronics Inc Summary
Interlink Electronics, Inc. designs, develops, manufactures, and sells force sensing technologies that incorporate proprietary material technology, firmware, and software into standard sensor-based products and custom sensor system solutions. The company is headquartered in Irvine, California.
Sector: Technology
Industry: Computer Peripheral Equipment
Symbol: NEC
Market Cap: 35807100
Dividend Yield: None
EPS: -0.21
P/E Ratio: 1.282
Price/Earnings to Growth Ratio: -0.128
Volume: 12635000
50-Day Moving Average: 7
200-Day Moving Average: 21.01
Relative Strength Index (RSI): -0.284