5.8 C
London
Monday, February 26, 2024
HomeOpinionsBitcoin defies market trends with 27% rise during geopolitical tensions

Bitcoin defies market trends with 27% rise during geopolitical tensions

Date:

Related stories

Cryptocurrency: 3 Coins That Could Surge in March

March is shaping up to be a pivotal month...

BRICS: 30 New Countries Prepare To Join Alliance in 2024

A handful of developing countries are preparing to join...

US Dollar Weakened: Gold Price Passes $2040

The US dollar has continued to weaken over the...

Shiba Inu Long-Term Prediction: Can SHIB Reach 50 Cents?

Shiba Inu is currently trading at $0.000009831 and is...

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.34 trillion with a 24-hour volume of $44.06 billion. The price of Bitcoin is $35,423.69 and BTC market dominance is 51.7%. The price of Ethereum is $1,890.14 and ETH market dominance is 17.0%. The best performing cryptoasset sector is Yield Farming, which gained 9%.
Bitcoin bucks traditional trend with 27% rally amid geopolitical turmoil as gold and oil falter.
The recent conflict in Israel has triggered a sharp market response from a wide array of assets.
Bitcoin saw a significant surge of 27%, growing from around $28,000 to approximately $35,000 since Oct. 7.
On the contrary, gold exhibited a less pronounced reaction despite traditionally being considered a secure geopolitical hedge. After an initial breakthrough of $2,000, it saw a subsequent 2% decline, leaving its overall increase at just 5%, trading at $1,960 at press time.
The oil market, often responsive to geopolitical unrest, experienced a surprising downturn. Brent crude oil and WTI crude oil have depreciated by over 8% and 11%, respectively. According to several economic theories, this unusual trend indicates that oil prices are linked to economic growth.
During the past three recessions in 2000, 2008, and 2020, there has been a significant collapse in the oil market each time. This pattern suggests that the current decline in oil prices could potentially be signaling an impending economic slowdown or recession.
As central banks grapple with some of the steepest interest rates in recent memory to curtail growth and inflation, the oil industry is seemingly bearing the brunt, with WTI and Brent crude oil trading around $76.71 and $80.99, respectively.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
Exploring the phenomena of inversion and un-inversion of the yield curve.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy
Please add [email protected] to your email whitelist.
Stay connected via

source
Source : www.cryptoslate.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here