Bitcoin holds near $80,300 as sentiment firms after Middle East sell-off

Bitcoin is holding just above $80,000 on Sunday morning after the weekend dip below that level, with no fresh selling since our last update. Sentiment has firmed slightly, and the new headlines are about policy and politics rather than price, led by Israeli Prime Minister Benjamin Netanyahu floating crypto as a way around potential sanctions.

Bitcoin

Bitcoin traded at $80,284 in the CoinGecko snapshot at 13:42 UTC, down 0.4% over 24 hours and 1.95% over seven days. The 24-hour range ran from $79,263 to $80,949. The low is the same weekend trough we reported last night, so the market has not made a new low since then.

CoinDesk tied that drop to U.S. Middle East evacuations and said it took bitcoin to its weakest level in more than a month. The same war worries have lifted energy prices, with our sister site covering oil's climb to its highest level since May. Bitcoin traded about $19.2 billion over 24 hours, a modest figure for a weekend. BTC/USD chart.

Ether and the majors

Ether fell harder than bitcoin, down 1.36% to $2,331.65 after a range of $2,286.76 to $2,368.07. BNB and XRP were the only majors in the green over 24 hours. Cardano remains the weakest over the week. ETH/USD chart.

Solana is still holding just above $100, with a 24-hour low of $98.81.

Breadth and sentiment

Total crypto market value stood at about $2.707 trillion, according to CoinGecko. Bitcoin dominance was 59.5% and ether dominance 10.5%, so bitcoin's share remains high while ether lags.

The Alternative.me Crypto Fear & Greed Index rose to 54 today from 51 yesterday and 50 on October 23. All three readings are Neutral. That follows a run in Greed territory that peaked at 68 on October 22. Sentiment has stabilised but has not returned to that level.

The news drivers

• Israel and crypto. Cointelegraph reports that Netanyahu, ahead of elections, said Israel could turn to blockchain and crypto to skirt potential international sanctions. According to the report, the idea drew criticism from opponents and the country's central banker.
• UK bank friction. CoinDesk reports that UK banks faced 10,000 complaints in three months over crypto restrictions. It notes the tension with the UK's stated aim to become a global crypto hub.
• Tokenized stock pushback grows. Citing Reuters, CoinDesk reports that six more companies, including Wells Fargo, Cisco and Marvell, objected to tokenized versions of their stock on the OKX-ICE venue. That brings the total to 22.
• Corporate bitcoin buyers. CoinDesk reports that preferred stock issued by Strategy and Strive has financed purchases of nearly 136,000 bitcoin. The firms must balance buying with dividend payments.
• Milei case closed. According to CoinDesk, Argentina dropped its criminal probe into President Milei over the LIBRA memecoin. A judge found his promotion did not amount to fraud.
• US policy gap. Apex Group CEO Peter Hughes told CoinDesk that the failure of the U.S. Clarity Act will push digital asset firms toward Asia and the Middle East.

What to watch next

1. Middle East developments. CoinDesk linked the weekend slide to U.S. evacuations, so further news there remains the main risk factor for prices.
2. Israel's election campaign. Cointelegraph's report shows crypto entering the political debate, with the central bank on the other side.
3. OKX-ICE objections. The count of objecting companies has reached 22, per CoinDesk, and further additions would keep tokenization in focus.
4. Preferred stock funding. How Strategy and Strive manage dividends against bitcoin buying, as CoinDesk outlines, bears on a key source of corporate demand.