Welcome to the Daily Crypto OLE777! The global political situation has changed, having a significant effect on the cryptocurrency market. Today, the writer wants to highlight a political and crypto market. As a conflict tension between Israel and Iran, Bitcoin, Ethereum, and Solana prices drop. Moving around, the UK also has a new tax policy that made crypto billionaire Christian Angermayer move to Switzerland. Last, Kavita Gupta is concerned about the crypto market driven by venture capital.

Want to know more about the details? Let’s dig deep into the lite news!

Bitcoin Price Drops as An Effect of Israel-Iran Conflict Tension

On October 1, the crypto market experienced a sharp decline due to escalating tensions between Israel and Iran. Major cryptocurrencies, including Bitcoin, took a hit as Iran launched missiles toward Israel, eroding market confidence. 

Photo taken on Oct 2, 2024

Bitcoin’s value dropped by around 3%, slipping below $62K after peaking at $65,000 the previous week. Ethereum, BNB, and Solana also faced 6-7% losses. Stablecoins like Tether and Circle saw slight fluctuations but remained close to $0.99. The unrest also affected the crypto-mining sector, with shares of Marathon Digital falling by 9% and CleanSpark seeing a 6% drop.

Non-domicile UK Residence Crypto Billionaire Christian Angermayer Moved to Switzerland 

Billionaire Christian Angermayer, a prominent crypto and biotech investor, has moved to Lugano, Switzerland, following the UK’s decision to raise taxes on overseas income for wealthy residents. Angermayer, a non-domiciled resident, avoided UK taxes on foreign income for years, but recent tax changes have prompted his relocation. He criticized the government’s new tax policies as harmful to the country’s economy, with many non-doms also planning to leave.

Despite relocating, Angermayer’s asset management firm, Aperion Investment Group, will continue operating from London. Lugano, known for its Bitcoin-friendly economy, has attracted many crypto businesses, making it an appealing destination for Angermayer.

At the Token2049 conference, he emphasized that Bitcoin and psychedelics provide freedom from government control and personal limitations, respectively.

Kavita Gupta Concern: Crypto Market Not Driven by Real Internet User

Kavita Gupta, founder of a blockchain venture fund, recently expressed concerns about the sustainability of the crypto market in a Fortune op-ed. She believes the current surge is driven by venture capital (VC) funding rather than real user interest. At the Token2049 conference in Singapore, Gupta noticed many crypto projects focusing on extravagant parties and marketing instead of building valuable products or communities.

Unlike the 2021 bull market, where retail investors led the charge, Gupta argues that VCs are now driving the market, investing in unproven projects with high valuations. She warned that prioritizing hype over substance could lead to inflated token prices that are unsustainable, causing sharp declines like those seen in Wormhole and Celestia.