Bitcoin and cryptocurrency maintain notable strength despite increasing global tension. BTC’s price remains above $100,000 while other top cryptocurrencies continue to trade within their pre-war ranges amid fear of an economic shake-up resulting from the Israel-Iran war.
Bitcoin and cryptocurrency maintain notable strength despite increasing global tension. BTC’s price remains above $100,000 while other top cryptocurrencies continue to trade within their pre-war ranges amid fear of an economic shake-up resulting from the Israel-Iran war.
Analysts believe the robustness of the crypto market amid heightening global tension is a testament to the technology’s decentralization. Crypto is universal, and no individual or group can control it. It differs from national currencies that rely on a country’s economic policies and fiscal performance.
In contrast, cryptocurrency is decentralized and universal. It becomes an outlet for nations under difficult conditions like war and economic meltdown. Therefore, when national currencies face challenges, as seen during global or regional tensions, Bitcoin and cryptocurrency become the go-to solution. Warring nations often adopt Bitcoin and cryptocurrency to pay for weapons, equipment, logistics, and other relevant services.
These identified reasons are the factors causing cryptocurrency’s demand to remain stable and potentially increase during heightened global or regional tension. Meanwhile, the potential negative fallout has introduced an extra dimension to traditional warfare. For instance, pro-Israel hackers recently attacked top Iranian crypto exchange Nobitex, accusing it of terror financing.
That has opened a new discussion channel about cryptocurrency’s potential influence in global affairs and the expected reaction pattern of interested parties. While crypto proponents consider the technology’s decentralization attribute a plus, it could pass as a dangerous phenomenon, considering the security threat it could pose, as alleged by the propagators of the Nobitex hack.
Nonetheless, the technology’s stability amid the ongoing chaos is attracting global attention. It highlights the industry’s growth and how much cryptocurrency can compete with established national currencies like the US dollar.
TradingView’s data show that Bitcoin traded for $104,992 at the time of writing, remaining within the same range since the Israel-Iran war escalated. Such stability makes the cryptocurrency an attractive haven as investors remain uncertain about the potential dimension the crisis could take in the coming days and weeks.
