Bitcoin surges after the US army attacked Iranian military personnel which only caused an increase in the tensions in the Middle East as we are reading further in the Bitcoin news now.
A huge green candle just appeared on the hourly bitcoin chart showing that Bitcoin surges after the attack on the Iranian personnel and the price reached ,000.
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According to Tradingview.com bitcoin dropped back to its lowest level for over two weeks to $6,850 during the Asian trading session. This movement was quickly reversed when a couple of big green candles showed up and boosted the crypto by $400. The movement reached the weekly resistance level of $7,250 marking a 6% surge in a matter of hours.
The crypto community on Twitter has erupted since with speculation over links to news emerging from Iran regarding the US airstrike. The air raid at the Baghdad International Airport in Iraq killed the Iranian Major-General Qassem Soleimani who is the head of the elite al-Quds Force and a part of the Iranian Islamic Revolutionary Guards Corps. The Iraqi militia commander Abu Mahdi Al-Muhandis was also killed in the airstrike. When the news emerged, bitcoin prices skyrocketed but not all were convinced:
“Talking heads will soon be discussing how bitcoin is a safe haven and is going up because of Iran. Which is absolute nonsense. Round numbers are there to get run over, in both directions.”
The geopolitical tensions have been bullish for assets such as Bitcoin but in the meantime, crude oil prices also increased by 4 percent as the news broke today. In the meantime, the price of gold mirrored these movements and increased as well. The industry observers started to comment on the safe-haven asset narrative and the analyst Crypto Dog added:
“The Bitcoin Market Makers just woke up and said ‘oh shit we gotta pump this if we’re going to keep the digital gold narrative alive.’”
Either way, the leading ‘safe haven’ assets pumped at the same time showing that there is a clear correlation between them. Tether also gained about 2% as it trades above the peg over a dollar. As the tensions increase in the Middle East, America seems to be increasing its appetite for war so it seems that the Iranian retaliation looks inevitable.
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