Markets changed their short-term directions and reacted aggressively; crude oil prices dropped sharply 10% from their range highs, bitcoin is no exception, U.S. 10-year yields recovered from a ~1.70% low back towards the 1.90-1.95% four month range highs and United States equity markets moved back into positive territory on the year, led by the NASDAQ, while BTCUSD price (at Coinbase) has plunged to the current $7,852 levels or a tad below -7% from yesterday's peaks as President Trump is adding insult to the burning injury. In addition, the price of gold, referred to as the ultimate safe-haven asset, also increased.
Following the killing of the commander of Iran's Quds Force, Qassem Soleimani at the end of last week, Tehran has threatened "severe revenge" on the U.S.
Precious metals have started hot in 2020 in response to rising geopolitical tensions, so it should come as no surprise that Bitcoin has also built momentum.
DeVere Group is one of the world's largest independent advisors of specialist global financial solutions to worldwide, local mass affluent, and high-net-worth clients.
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And Iran will increase the price of Bitcoin, says the CEO of one of the world's largest independent financial advisory and services organizations.
"Bitcoin lives up to its reputation as" digital gold. Indeed, the cryptocurrency could perhaps take gold's crown in the future as the world becomes ever more digitalized.
The idea is protect themselves from the current turmoil.
On Tuesday morning, Bitcoin was trading at € 7035.75 and gold at € 1,400.72, 3% more than the previous week. However, geopolitical tensions do have a positive price impact as was evidenced with the US/China trade war.
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"The serious concerns created by geopolitical issues, such as the U.S. - Iran issue will likely prompt an increasing number of institutional and retail investors to diversify their portfolios and hedge against those risks by investing in crypto assets".
In a tweet, Rekt Capital outlined the historical price movement of Bitcoin with respect to the various halving periods. In turn, due to the market influence of Bitcoin, other major digital currencies will receive a price boost.
As is known, this year is very important for Bitcoin.
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