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Bitcoin (BTC) Now Has Risk-Off Component After US-Iran Conflict: Crypto Analyst

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Mon, 01/27/2020 - 18:17
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  • Bitcoin might finally become a safe-haven asset, according to economist Alex Krüger

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Prominent economist Alex Krüger has finally agreed that Bitcoin (BTC) now has a clear risk-off component, meaning that the top cryptocurrency can act as a safe-haven asset. In his tweet, Krüger conceded that the US-Iran conflict turned out to be "a game-changer" for BTC. 

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Iran was a game-changer

Prior to that, he would deny that the Bitcoin price can be influenced by global events such as the US-China trade war and the Iran military confrontation. 

As reported by U.Today, BTC would move in tandem with other macro assets such as oil and gold after every escalation of tensions between the two countries. On Jan. 8, the coin surged to $8,400 on the news about Iran attacking Iraqi military bases with US troops. 

Notably, this Bitcoin rally faltered as soon as U.S. President Donald Trump made an announcement about de-escalating the situation with Iran. 

Bitcoin Price
image by @MessariCrypto

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Another test for BTC 

The coronavirus outbreak that tumbled the Chinese stocks coincided with another price rally for Bitcoin. The leading cryptocurrency is now trading at $8,777, surging by nearly three percent on the day.

While Krüger still seems skeptical of the narrative that the deadly virus is behind another major BTC move, ADVFN CEO Clem Chambers believes that this could be the case. In his op-ed Forbes article, he said that he would be watching Bitcoin's price action 'like a hawk' as the coronavirus continues to wreak havoc across the globe. 

"Bitcoin’s recent rally aligns with the assumption that Chinese demand for bitcoin because of coronavirus has driven the price," Chambers wrote. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

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Tue, 03/31/2020 - 19:25
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  • Bitcoin (BTC) bulls have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

Cover image via stock.adobe.com
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Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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