Middle East Conflict Heats up and Bitcoin Drops, but Not by Much
Frederick Munawa
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19237 views
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Markets and Prices
Middle East Conflict Heats up and Bitcoin Drops, but Not by Much
Israel launched a pre-emptive attack on neighboring Iran late Thursday, triggering a retaliation on Friday. Markets tanked, but bitcoin’s dip wasn’t particularly dramatic, all things considered.
Bitcoin Shows Resilience Despite Middle East Turmoil
Israel sent 200 fighter jets to bomb various nuclear facilities in Iran on Thursday evening in an unprecedented pre-emptive attack that killed multiple key Iranian military figures. The bloodbath extended to global markets with all stock indices down on Friday, but interestingly, bitcoin shed almost a full percentage point less than the broader crypto market.
Iran is the seventh largest oil producer in the world and cranks out more than 4 million barrels per day. Yesterday’s attack sent oil prices soaring from roughly $68 per barrel to $75. Markets bled out as expected, with the Dow taking the biggest hit and dropping by more than 550 points.
Middle East Conflict Heats up and Bitcoin Drops, but Not by Much
(Oil price / Trading Economics)
Investors rushed to the old faithful, gold, which at the time of reporting was enjoying an enviable 1.45% appreciation at approximately $3,430 per ounce, just $70 shy of it’s $3,500 all time high price in late April. Digital gold didn’t perform as well as its physical namesake, shedding 2.8% over the past 24 hours, but it did perform better than the overall crypto market which tanked 3.7%, according to Coinmarketcap.
“Eventually people will realize that geopolitical turmoil only strengthens the investment case for a neutral asset that can’t be printed,” said an X user going by the name Stack Hodler. “Until then, treat every dip on geopolitical panic as a gift.”
Overview of Market Metrics
Bitcoin ( BTC) dropped 2.8% over the past 24 hours to trade at $105,079.80 at the time of reporting but still edged out a 0.23% gain over the week. The cryptocurrency traded within a wide range of $102,822.03 to $107,872.21, as increased volatility returned to the market, mostly due to the unfolding Middle East conflict.
Middle East Conflict Heats up and Bitcoin Drops, but Not by Much
( BTC price / Trading View)
Trading volume surged to $73.20 billion, a 38.22% spike from the previous day as investors reacted to the unexpected price movement late Thursday. Meanwhile, bitcoin’s total market capitalization fell 2.89% to $2.08 trillion. BTC dominance rose by 0.64% to 64.79% as the digital asset held on to its value more firmly than lesser altcoins.
Middle East Conflict Heats up and Bitcoin Drops, but Not by Much
( BTC dominance / Trading View)
In the derivatives market, futures open interest dropped sharply by 5.26% to $69.80 billion, showing a risk-off tone among speculators. Liquidation data from Coinglass revealed that bullish traders were on the losing end, with $1.61 million in long positions wiped out versus just $164,600 in shorts.
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