CandleFocus As Israel, Iran Tensions Rattle Markets, Will Bitcoin Act as a Safe Haven?
2024-10-01
Author: Content Editor
Geopolitical tensions between Israel and Iran, including missile strikes, impacted the price of Bitcoin, causing it to fall 3.2% to $61,300, its lowest level in two weeks. The dip occurred during a typically positive period for risk assets like stocks and crypto called "Uptober." While Bitcoin has gained popularity as a store of value, it has not consistently performed well as a flight-to-quality asset during times of geopolitical conflict. However, BlackRock and others have noted Bitcoin's potential as a hedge. Despite the short-term impact, Bitcoin's correlation with risk assets could change in the future as it gains wider adoption by countries.
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