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Bitcoin dumps as Biden supports Israel hitting Iran oil facilities

Author: Content Editor
Bitcoin and other altcoins experienced a decline in value, while crude oil prices surged due to escalating tensions in the Middle East. Joe Biden's statement indicating support for Israeli attacks on Iranian oil facilities contributed to the drop in Bitcoin. Crude oil prices rebounded, with Brent and West Texas Intermediate rising over 4%. The possibility of a wider conflict in the Middle East could have significant implications for various asset classes, including cryptocurrencies. If a prolonged war occurs, it would lead to increased oil and gas prices and supply chain disruptions. This, in turn, could affect inflation and impact the interest rate cycle. However, analysts from Blackrock suggest that Bitcoin tends to perform well during geopolitical events and could be a better investment option compared to traditional assets like the S&P 500 and gold. They also highlight potential long-term catalysts for Bitcoin, such as the US debt dynamics and its status as an uncorrelated asset with a limited supply.

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