#IsraelIranConflict
Digital currencies retreat as tensions rise in the Middle East and inflation data impact
The cryptocurrency markets witnessed a notable decline during trading on Thursday, as investor appetite for high-risk assets decreased due to escalating geopolitical tensions in the Middle East.
Bitcoin fell by 0.85% to record a price of $107,844.95, continuing to dominate approximately 63.1% of the total value of the cryptocurrency market.
Ethereum, which ranks second in terms of market capitalization, also saw a decline of 2.1% to reach $2,754.88, while Ripple dropped by 2.35% to a level of $2.2408.
According to data from the CoinMarketCap platform, the total market capitalization of cryptocurrencies reached about $3.39 trillion, with trading volume exceeding $135.92 billion in the past 24 hours.
On the other hand, analyst Matt Mina from the cryptocurrency research team at 21Shares predicted that the recently released inflation data, which came in lower than expectations, could open the door for a strong rise in Bitcoin, suggesting that its price could reach $200,000 by the end of this year, according to CoinDesk.
