The geopolitical tensions in the Middle East escalated as Hezbollah carried out drone attacks on northern Israel. Iran and Hezbollah earlier confirmed retalization against Israel within 24 to 48 hours. Global stocks and crypto markets face renewed negative sentiment amid new drone attacks in Israel. The country recently killed Hamas leader Ismail Haniyeh in an airstrike.
Hezbollah Launches Drone Attack in Northern Israel
Israel warned citizens about an attack in northern region of the country through its social media on Tuesday. Northern Israel and the upper Galilee was attacked via drones by Iran-backed Hezbollah.
“Rocket sirens sound across northern Israel as Hezbollah terrorists attack Israeli communities with explosive drones,” according to Israel official account on X platform.
The Israel-Hamas war has caused investors to turn cautious amid possibilities of more attacks on Israel after they killed Hamas leader Ismail Haniyeh. This caused tensions to escalate, causing Iran to consider retaliation to Israel’s actions.
🔴 BREAKING NEWS: Rocket sirens sound across northern Israel as Hezbollah terrorists attack Israeli communities with explosive drones.
According to initial reports, two people were injured, one of them in serious condition.
We will not let the people of Israel be terrorized. pic.twitter.com/Z57A4Da53m
— Israel ישראל (@Israel) August 6, 2024
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Crypto and Stocks Face Pressure
Bitcoin and Ethereum pared some gains and currently trading at $54,933 and $2457, respectively. The crude oil, natural gas and gold prices are rising, with US stock markets futures also looking for nearly 1% gain after the recent market crash due to unwinding of Japanese Yen carry trades.
The Bank of Japan’s unexpected rate hike and rate cut expectations by the U.S. Federal Reserve have increased uncertainty in the markets and deleveraging. This caused BTC price to decline. Japan stock market Nikkei surged 12% today after 13% slide in the last 2 days.
ETH price jumped 9% in the past 24 hours, with the price currently trading at $2,462. The 24-hour low and high are $2,186 and $2,547, respectively. Furthermore, the trading volume has decreased by 33% in the last 24 hours, indicating cautiousness among traders.
BitMEX co-founder billionaire Arthur Hayes predicted that a second wave will follow soon after the recent crypto market crash. He believes the current respite is only temporary and market volatility will continue to persist in stocks and crypto markets due to high leverages.
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Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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