Bitcoin Falls in the Middle East Crisis


Just yesterday we were discussing the similarities and differences between gold and Bitcoin, which analysts call "digital gold". And almost immediately we have the opportunity to test our assumptions in practice - we will look at Bitcoin price crisis behavior. The comparison with gold is not correct, because the exchange prices for precious metals in many ways "freeze" on weekends, cryptocurrencies are not so affected by weekends and holidays. It would have been better, however, if such a case had never arisen…




So, on the night of April 13-14, Iran attacked Israel, hundreds of drones and missiles went up in the air. It was very similar to the beginning of a great war in the Middle East.


Apart from the purely military and political aspects, such a war would have extremely serious economic consequences. The Middle East oil is a basis for the economies of many developed countries, and there are several global logistics routes. And I would note that the Middle East is one of the centers of human civilization, and the wars in this region have been going on for several thousand years…


 So Saturday night was going to be another war.


As Iranian drones approached Israel’s borders, Bitcoin’s price plummeted. The fall was around 10%. On the other hand, a slow recovery began as soon as the Iranian representative declared that the issue was closed and no further strikes were planned.


This behavior suggests that Bitcoin still has a long way to go before it takes its place as a global "safe haven".


The fall perfectly illustrates how investors really do relate to the asset. We have witnessed the first, one might say, instinctive reaction, and those investors are afraid to hold cryptocurrency assets in such a severe crisis. I do not rule out that the behavior would be different if the crisis were to develop slowly gradually and affect only the economy.

However, these are only assumptions.


#BitcoinCrisis #MiddleEastTensions #SafeHavenAnalysis #CryptocurrencyVolatility #GlobalEconomicImpact

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