Impact of the Israel-Palestine Conflict on the Crypto Market | Crypto Daily Digest Oct.11
Bitcoin is considered a consensus-based store of value and a safe-haven asset, similar to gold. However, Bitcoin's performance is in stark contrast to its performance during the 2022 Russia-Ukraine conflict. Bitcoin and Ethereum both experienced declines after the conflict erupted.
On October 7, 2023, the largest-scale armed conflict between Palestine's Hamas and Israel in nearly 50 years broke out, adding uncertainty to the already tense global financial markets due to high interest rates.
Many have regarded Bitcoin as a consensus-based store of value and a safe-haven asset, similar to gold, often referred to as "digital gold." However, Bitcoin's performance during this conflict stands in stark contrast to its performance during the 2020 US-Iran conflict and the 2022 Russia-Ukraine conflict, as both Bitcoin and Ethereum experienced declines after the conflict erupted.
"Globally, the markets are concerned that the conflict may spread to nearby oil-producing countries, making investors relatively sensitive," stated Greta Yuan, Head of Research at the digital assets platform VDX. If the Middle East military conflict leads to a surge in oil prices, subsequently driving global inflation higher, the Federal Reserve will need to maintain higher interest rates for longer.
"In terms of macroeconomic implications, if the risks of expansion and conflict escalation materialize, we must focus on energy prices once again," said Alex Kuptsikevich, FxPro Senior Market Analyst. "Rising oil prices trigger a wave of selling in the stock market, intensifying expectations of tighter monetary policy. This represents the most significant risk to assets like Bitcoin and the entire cryptocurrency market."
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