One of the major reasons for Bitcoin's sharp rise today: the escalating tensions in regions such as Iran and Venezuela have led some funds to view Bitcoin as a 'safe-haven' or 'alternative' asset amid geopolitical uncertainties.
At 10 PM, the US began suspending visa processing for Iran and 75 other countries, and almost simultaneously, Bitcoin started rising, gaining approximately 5% so far.
Some people ask why these funds aren't going to gold? Just look at gold's current price—historical high—having retraced from a historical peak of 120,000 down to 90,000, $BTC is almost the only explanation.
Besides gold and Bitcoin, silver is also surging, indicating strong safe-haven demand. It's likely to remain range-bound at higher levels over the next few days. Please manage your positions carefully.
At 10 PM, the US began suspending visa processing for Iran and 75 other countries, and almost simultaneously, Bitcoin started rising, gaining approximately 5% so far.
Some people ask why these funds aren't going to gold? Just look at gold's current price—historical high—having retraced from a historical peak of 120,000 down to 90,000, $BTC is almost the only explanation.
Besides gold and Bitcoin, silver is also surging, indicating strong safe-haven demand. It's likely to remain range-bound at higher levels over the next few days. Please manage your positions carefully.