The situation in the Middle East is spiraling out of control. Are crypto and US stocks going to plunge tomorrow? Here are my thoughts.
After the US-Iran conflict, Saudi Arabia and Yemen have also been fighting fiercely. Today, a Saudi airport was bombed, leaving 12 dead and 309 injured, including civilians. But the bigger danger is oil prices.
The Strait of Hormuz was already blocked, so Saudi Arabia had been relying on the nearby Bab el-Mandeb Strait to transport oil—and that’s an area controlled by Yemen’s Houthi forces. With fighting breaking out there now, the market’s hopes for a rebound have been clouded further.
So let’s stay cautious next week. It’s not that crypto is finished; there’s just been too much bad news lately: interest rate hikes, the US-Iran war, and out-of-control US debt. Now, Saudi Arabia, a major oil producer, is caught up in intense fighting too. Hopefully, we’ll get some good news on Monday.
But look at it another way: despite all this bad news, US stocks are holding up, and Bitcoin hasn’t pulled back much. That alone is a sign of strength. Let’s hang in there until these conflicts ease or some positive news comes along—the next market rally will get underway!
After the US-Iran conflict, Saudi Arabia and Yemen have also been fighting fiercely. Today, a Saudi airport was bombed, leaving 12 dead and 309 injured, including civilians. But the bigger danger is oil prices.
The Strait of Hormuz was already blocked, so Saudi Arabia had been relying on the nearby Bab el-Mandeb Strait to transport oil—and that’s an area controlled by Yemen’s Houthi forces. With fighting breaking out there now, the market’s hopes for a rebound have been clouded further.
So let’s stay cautious next week. It’s not that crypto is finished; there’s just been too much bad news lately: interest rate hikes, the US-Iran war, and out-of-control US debt. Now, Saudi Arabia, a major oil producer, is caught up in intense fighting too. Hopefully, we’ll get some good news on Monday.
But look at it another way: despite all this bad news, US stocks are holding up, and Bitcoin hasn’t pulled back much. That alone is a sign of strength. Let’s hang in there until these conflicts ease or some positive news comes along—the next market rally will get underway!