Israel vs Iran: Bitcoin in Turmoil

After a historic September for Bitcoin, another episode is unfolding. It concerns the growing tensions between Israel and Iran which have a direct impact

As tensions escalate in the Middle East, investors are flocking to gold, driving its price up while causing a slight dip in Bitcoin.

With the potential for conflict between Israel and Iran heightening, Israel vs. Iran: Bitcoin in turmoil, investors are turning to safer assets, leading to a 2% drop in BTC price.

As Israel prepares for a potential conflict between Israel and Iran, investors are turning to gold in a big way. The immediate result: BTC falls by 2%, reaching $62,500, while gold rises to $2,662 per ounce.

In the face of geopolitical turmoil, Bitcoin’s volatility highlights gold’s enduring status as the preferred safe-haven asset.

Israel vs. Iran: Bitcoin in turmoil

After a historic September for Bitcoin, another chapter is unfolding. It concerns the growing tensions between Israel and Iran which have a direct impact on the crypto market.

The announcement of an imminent missile from Iran against Israel caused a collapse in the price of BTC, falling below the $62,500 mark.

Meanwhile, gold shines again, gaining 1% in value.

This situation reinforces the idea that Bitcoin has not yet acquired its status as a safe haven in times of crisis. As Jeroen Blokland points out in his tweet:

“Investors are literally selling Bitcoin to buy gold”.

Investors are opting for caution, preferring a tangible asset like gold in these moments of uncertainty. While missiles are preparing to rain down, gold prices are rising, and BTC is in free fall.

A Crypto Market Under Pressure

Besides the Israel-Iran conflict, Bitcoin and the cryptocurrency market, in general, are also subject to other pressures. Ethereum (ETH), the second major player in the sector, saw its value drop below $2,600, down 2%. Binance Coin (BNB), on the other hand, plunged to around $550.

This drop in Bitcoin and its crypto companions might just be a short-term retracement, as the market recently accumulated gains. However, the current volatility of BTC demonstrates how much geopolitical events influence its price.

Other recent conflicts, such as the one between Russia and Ukraine, had also triggered significant fluctuations. The idea of ​​a “digital gold” seems far away for now, especially when physical gold continues to rise.

And that’s not all. In addition to this crisis in the Middle East, Bitcoin also has to face the risks of an AI bubble and an economic recession.

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