Israel and Palestine Conflict Likely to Shake Crypto Market Further

• The Israel Police’s Lahav 433 cyber section has frozen crypto accounts related to Hamas.
• Crypto Aid Israel has announced that it will accept donations in different cryptocurrencies.

On Monday, cryptocurrency prices fell along with global equities markets and surging oil costs due to fresh unrest in the Middle East. On Monday, the violence between Israel and Hamas entered its third day. Oil prices seemed to be affected by traders’ speculation that the war may disrupt supplies if it spread to neighboring nations like Iran.

As per Santiment, the rising discussions regarding the conflict is on the surge among the community members. The conflict hasn’t had a significant effect on the cryptocurrency market so far, but if it escalates further, it could result in heightened price sensitivity.

Curb on Hamas Crypto Accounts

The Israel Police’s Lahav 433 cyber section, according to a statement, has frozen crypto accounts related to Hamas. The police spokesperson’s office said that Hamas had been utilizing social media profiles to solicit donations since Saturday. To combat terrorist organizations’ use of cryptocurrencies, Lahav 433 collaborates with the Defense Ministry, Shin Bet, and other intelligence organizations.

Lahav 433 collaborated with UK law enforcement to get a Barclays bank account frozen. On Monday, members of the Israeli crypto and web3 communities announced the launch of Crypto aid Israel to gather money for Israelis who have been displaced and are in need of emergency assistance since the commencement of hostilities with Hamas.

Crypto Aid Israel has announced that it will accept donations in several different cryptocurrencies, including bitcoin, ether, and stablecoins USDT and USDC, via a multi-signature wallet that will be collectively controlled through several parties.

The movement of these crypto contributions has been facilitated by a number of Israeli institutions and authorities. An insider to the program claims that for the first time, these institutions will serve as a conduit for the transfer of crypto assets to traditional financial institutions.

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