As per the latest report from Cointelegraph, the Crypto Fear & Greed Index remains entrenched in the ‘greed’ territory even as tensions between Israel and Iran escalate. This barometer of the collective cryptocurrency market sentiment has stayed resilient in the face of geopolitical unrest arising from Israel’s recent airstrikes on Iran.
In its Sunday update, the Index recorded a score of 60, signifying unshaken optimism even as Bitcoin (BTC) experienced a 2.8% dip, closing at $103,000 on Friday. Bitcoin’s drop occurred in the wake of explosions in Tehran on Thursday evening, for which Israel assumed responsibility. Iran responded with a volley of ballistic missiles on Friday night.
Despite these events, Bitcoin was on the brink of revisiting its all-time high of $111,970 recorded on May 22. As of now, Bitcoin is trading at $105,670, as reported by CoinMarketCap. In contrast, Ether (ETH) saw a more significant slump, dropping 10.79% to $2,454, before bouncing back to $2,534.
Crypto market observers have taken note of Bitcoin’s relative resilience amidst these geopolitical developments. Crypto analyst Za commented, “Bitcoin does not seem concerned about the Israel and Iran conflict (yet).” With Bitcoin’s consistent performance, confidence remains high that it will hold above the significant $100,000 level, which it regained on May 8 after a three-month hiatus.
Meanwhile, Spot Bitcoin exchange-traded funds (ETF) recorded steady inflows for the week ending Friday, aggregating $1.37 billion. In contrast, spot Ether ETFs saw their 19-day inflow streak come to an end on Friday with net outflows of $2.1 million.
Interestingly, Bitcoin’s price dip following Friday’s airstrike was less severe than the drop witnessed in April 2024, post Iran’s direct attack on Israel. This attack, in retaliation to Israeli bombings of the Iranian embassy in Damascus, had caused BTC to plunge 8.4% on April 13, 2024.
