The war between the US and Iran gave worries to the cryptocurrency community as chances were high that it would harm the value of Bitcoin. That has however not been the case as Bitcoin prices continue to soar higher. The price specifically moved higher when Iran retaliated for the killing of its general Quassem Soleimani.
This year has been a good year for Bitcoin as so far, the prices have risen for up to an average of 15% its initial value. On Wednesday the price rose to 5% following the news of Iran trying to pay back the US through a missile attack.
On Thursday the 9th, there was a slight drop in prices following Trump’s comments regarding the attack. According to Trump, Iran is not doing much and the US is not afraid of them. He commented that Iran appears to be standing down. There is however much more that Iran is doing such as firing rockets at the military forces in Baghdad and the US embassy.
In 2019, Bitcoin underwent a roller-coaster in its value but this year has been a good one. It has faced a surge rising its value to almost $8,500 according to the Bitstamp exchange.
Bitcoin is not the only investment that continues to soar despite the Iran US situation but also gold and Japanese Yen. They both increased in value following Iran’s retaliation. As for Gold, its at its highest since 2013. AS for oil, its value has increased for up to 2.5%.
According to Bitcoin and cryptocurrency analysts, there are high chances that Bitcoin and cryptocurrencies, in general, will behave in the same way as traditional assets. Despite the big differences between the two types of assets, they have been having the same behavior trend for the last year and hence the trend is likely to continue.
The killing of general Soleimani, for example, made many to anticipate a drop in the prices of Bitcoin because of the geopolitical risk but the reverse happened.
The war between Iran and the US has just started and there are chances that it will go on for some time. There are high chances that the price will be affected at some point whether positive or negative. It’s the prayer of every Bitcoin investor that the prices continue to store as many investors use Bitcoin for the storage of value and speculative purposes.