Bitcoin price increased highly after Iran’s retaliation to the U.S. due to the killing of Iranian general Qassem Soleimani. The value was already up to 15% in 2020, and it advanced to an additional 5% during the January 7th. The reason behind the jump was the news about Iran launching Missles at the U.S. troops in Iraq. But after the U.S. President Donald Trump downplayed the situation in his speech. He suggested that “Iran appears to be standing down,” bitcoin’s value has fallen back to just under $8,000 per bitcoin.
The Bitcoin price reduced almost to half since its 2019 high. But it soared to nearly $8,500 per bitcoin on the Luxembourg-based Bitstamp exchange, before settling to trade around $8,300.
There were concerns that due to the latest conflicts, there was a possibility of disruption of oil supplies from the Middle East. This uncertain situation ultimately caused a sharp increase in oil prices.
Cryptocurrency and Bitcoin traders are contemplating the theory that bitcoin may perform in the same way as safe-haven assets, but so far, this prognosis failed to happen consistently. Nevertheless, Mati Greenspan, the founder of crypto and financial analysis outfit Quantum Economics, wrote that the resemblance between digital gold and the physical staff is uncanny. In his opinion, these two have been moving in a very similar pattern during the last year.
After the killing of general Soleimani, Matthew Graham, Chief executive of Sino Global Capital posted on Twitter, asking if bitcoin was moving in reaction to geopolitical risk? Meanwhile, bitcoin price soared in Iran, increasing to almost $24,000. Still, as it became known, it was only caused by a misunderstanding of exchange rates in Iran and was not due to any significant changes in the market.
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