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World War 3: Bitcoin Market Cap Jumped About $8 Billion In Just A Few Hours, BTC Volume And Price Skyrocketed

Sat Jan 04, 2020 8:19 am

As AZCoin News reported, the Bitcoin price increased significantly after the news that an American drone airstrikes Iran killed the top general Qassam Suleimani of the Middle East nation. Many commentators have quickly attributed the sudden increase in buying pressure as a way to find a fence in times of heightened political instability.

However, others have argued that it is likely that Bitcoin buyers are only speculating on developments in the Middle East will see a significant number of buyers turn to Bitcoin as a secure store of value.

One thing is for sure, the event has created a lot of political instability, exacerbating a tense situation between Iran and the United States.

The term “World War 3” and similar has tended to increase its presence on Twitter and Google since the news broke down.

Congresswoman Ayanna Pressley said Trump was “abusing power for political gain and now he is leading us to the brink of war because he believes it will help him to be re-elected.”

After the news, gold, oil and the Bitcoin price suddenly soared. In particular, Bitcoin has completely reversed from the previous downtrend (breaking below the critical support of $ 7000 and plunging into the $ 6800 area), increased its total market capitalization to about 7.6 billion dollars in just a few hours.

However, not everyone believes the events are the cause of the global public’s rush to buy Bitcoin in anticipation of significant political instability, or even total war.

Renowned Bitcoin anti-fan Peter Schiff agrees that rising geopolitical risks have caused both gold and Bitcoin to rise higher, but for various reasons. Gold is being bought by investors as a safe haven. Bitcoin, meanwhile, is being bought by speculators betting that investors will buy it as a safe haven.

Renowned analyst Alex Krüger insists that the sudden buying pressure is likely the result of people expecting uncertainties that will rush into the market abruptly.

Krüger emphasized the timing of various price pumps, arguing that the Bitcoin pump appeared hours after the gold and crude pump. For him, this is clear evidence of another direct cause behind this buying pressure.

Theo : AZCoin News

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