Will War in The Middle East Start The Next Crypto Bull Market?
The post Will War in The Middle East Start The Next Crypto Bull Market? appeared on BitcoinEthereumNews.com. The crypto market is in heightened volatility and uncertainty as an indirect consequence of the ongoing tensions between Israel and Hamas. Despite that, many believe that geopolitical conflict can trigger the next crypto bull run. When conflict or war strikes, financial markets are the first to tremble. Investors can become more risk-averse during uncertain periods and likely move their money to safer investments such as gold or bonds. The US is also sending in gear, and there is no way to know how long, or how much all this will cost. Money is being spent in real time. As more nations enter the conflict, the risk of global war rises. Lower, Then Higher Riskier investments like stocks and cryptocurrencies are consequently under sell-off pressure. After the shocking news of the conflict broke out, Bitcoin dropped from around $27,900 to below $26,600 last Monday. Bitcoin’s price was down 2.7% in 7 days. Likewise, major altcoins experienced price drops with Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Ripple (XRP) losing 3% to 7% their values in 7 days, according to CoinMarketCap. However, despite the initial negative reactions, Bitcoin and the crypto market have become more resilient over time. At the time of writing, the largest cryptocurrency is trading at $28,481. Some industry figures believe that the downturn is temporary and Bitcoin would likely rebound. Jeff Mei, Chief Operating Officer at BTSE, said that the price of Bitcoin “has already stabilized” after temporarily dropping earlier this week. “Crypto assets have shown resilience in the face of rising geopolitical turmoil in the past,” Mei added. To prove this point, the executive also highlighted the same pattern that occurred when Russia launched an invasion of Ukraine in February 2023. Following Russia’s move, the U.S. and its allies imposed sanctions on…
The post Will War in The Middle East Start The Next Crypto Bull Market? appeared on BitcoinEthereumNews.com.
The crypto market is in heightened volatility and uncertainty as an indirect consequence of the ongoing tensions between Israel and Hamas. Despite that, many believe that geopolitical conflict can trigger the next crypto bull run. When conflict or war strikes, financial markets are the first to tremble. Investors can become more risk-averse during uncertain periods and likely move their money to safer investments such as gold or bonds. The US is also sending in gear, and there is no way to know how long, or how much all this will cost. Money is being spent in real time. As more nations enter the conflict, the risk of global war rises. Lower, Then Higher Riskier investments like stocks and cryptocurrencies are consequently under sell-off pressure. After the shocking news of the conflict broke out, Bitcoin dropped from around $27,900 to below $26,600 last Monday. Bitcoin’s price was down 2.7% in 7 days. Likewise, major altcoins experienced price drops with Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Ripple (XRP) losing 3% to 7% their values in 7 days, according to CoinMarketCap. However, despite the initial negative reactions, Bitcoin and the crypto market have become more resilient over time. At the time of writing, the largest cryptocurrency is trading at $28,481. Some industry figures believe that the downturn is temporary and Bitcoin would likely rebound. Jeff Mei, Chief Operating Officer at BTSE, said that the price of Bitcoin “has already stabilized” after temporarily dropping earlier this week. “Crypto assets have shown resilience in the face of rising geopolitical turmoil in the past,” Mei added. To prove this point, the executive also highlighted the same pattern that occurred when Russia launched an invasion of Ukraine in February 2023. Following Russia’s move, the U.S. and its allies imposed sanctions on…
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