Bitcoin’s price rose significantly after Iran retaliated to the U.S. for the killing of Iranian General Qassem Soleimani. Its value has already increased to 15 % since the new year. Moreover, during January 7th, it added 5% more. This sudden jump was the result of news about Iran launching missles at the U.S. troops in Iraq. But then the U.S. President Donald Trump basically announced that there was nothing to worry about because Iran appeared to be standing down. After such downplaying of the situation by Trump, bitcoin’s price fell to under $8,000 per bitcoin.
Bitcoin declined almost to half since its 2019 high. But on the Luxemburg-based Bitstamp exchange, it rose again nearly to $8,500 per bitcoin, and then settled to trade around $8,300.
Some investors worried that the latest conflicts would disrupt oil supplies from the Middle East. These concerns became the catalyst of the sharp increase in oil prices.
Interesting, that bitcoin and cryptocurrency traders often contemplate about bitcoin performing in the same way as safe-haven assets. But thus far, such behavior has not proven to be consistent. All in all, Mati Greenspan, the founder of crypto and financial analysis outfit Quantum Economics, thinks that digital gold bores an uncanny resemblance to the physical staff. In his observation, both of them were moving in a similar pattern last year.
After the killing of General Soleimani in Iraq, bitcoin prices skyrocketed in Iran, reaching almost to $24,000. As it stands, this steep increase was a result of a simple misunderstanding of Iran’s exchange rates and wasn’t caused by any significant changes in the market.
Matthew Graham, Chief Executive of Sino Global Capital, also expressed interest. On Twitter, he posted his observation in the guise of a question, asking if bitcoin was really moving in reaction to geopolitical risk.
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