IS BITCOIN SURGING BECAUSE OF TENSIONS IN IRAN AND THE MIDDLE EAST?

Posted 03 January, 2020

BITCOIN PRICE SURGES $400

A huge green candle has just appeared on the BTC hourly chart, which has raised assets above $ 7,000. As reported by Tradingview.com, during the Asian trading session, bitcoin dropped to its lowest level in two weeks at $ 6850.

The move was quickly reversed when a pair of large green candles provoked the crypto king at $ 400. The movement peaked at a weekly resistance level of $ 7250, noting a rise of almost 6% in just a few hours.

bitcoin btc tradingview chart

*Image via Shutterstock, BTC/USD charts by TradingView

As a result, the Twittersphere cryptocurrency burst into speculation over links to news in Iran about a U.S.-sanctioned air strike.

Iranian Major General Kassem Suleimani, head of the elite Al-Quds force, members of the Islamic Revolutionary Guard Corps (IRGC), died early Friday morning as a result of an air raid on Baghdad International Airport in Iraq. According to Al-Jazeera, the Iraqi police chief Abu Mahdi al-Muhand also died during the strike.

At the same time, news came that bitcoin prices were plummeting and the cryptozoic hypothesis was beginning to rise. Not everyone is convinced, though.

“Talking heads will soon be discussing how bitcoin is a safe haven and is going up because of Iran. Which is absolute nonsense. Round numbers are there to get run over, in both directions.”

SAFE HAVENS BACK IN DEMAND

The rise in geopolitical tensions has historically been steep thanks to safe haven assets, of which bitcoin is currently being considered. Crude oil prices also jumped 4% in addition to BTC, as news came out today.

Over the same period, gold prices reflected these changes and price increases on the charts.

Industry observers began commenting on the wealth of asylum again by adding “Crypto Dog”;

“The Bitcoin Market Makers just woke up and said ‘oh shit we gotta pump this if we’re going to keep the digital gold narrative alive.

 

In any case, the three main "safe havens" in the world are pumped simultaneously, indicating a clear connection between them. Even Tether earned close to 2% trading at the dollar above its peg.

 

With tensions in the Middle East escalating and America resuming insatiable wars, Iran’s revenge seems inevitable. The ghost of a major conflict, re-emerging as the economy plunges into recession, will undoubtedly increase demand for bitcoin, gold and oil, and prices will rise accordingly.

Previous story

06 January, 2020 15:44

← DEFI MARKETS WILL REACH $1 BILLION ONCE ETHEREUM PRICES RECOVER

 

Last year was pretty dull for most cryptocurrencies, including Ethereum. Despite the bleak market prospects, one cryptocurrency industry was growing impressive, and it was decentralized financing.

DEFI MARKETS WILL REACH $1 BILLION ONCE ETHEREUM PRICES RECOVER

Next story

02 January, 2020 11:21

BITCOIN UTXO GROWTH HITS NEW ALL-TIME HIGH, BUT WHAT DOES IT MEAN? →

The Bitcoin (BTC) record is showing one indicator of extreme growth this year – the count of Unspent Transaction Outputs, or UTXO. This growth points to several potential explanations.

BITCOIN UTXO GROWTH HITS NEW ALL-TIME HIGH, BUT WHAT DOES IT MEAN?
Write a comment
 
Prove you’re not a bot + 5 = 10