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On October 1, Iran launched an attack on Israel with 180 missiles. The attack caused the majority of crypto token prices to fall. So, what about the price of Bitcoin? Here's the explanation.
Recently, the world has heated up again due to Iran's attack on Israel. This conflict causes various investment instruments to experience price changes. Specifically, gold increased along with rising oil prices due to the conflict in the Middle East. So, what impact will Iran's attack on Israel have on Bitcoin price?
You can see the development of Bitcoin prices after Iran attacks Israel and what the condition of the token price is now in this article. Read the detailed explanation until the end of the article.
Impact of Iran's Attack on Israel on Bitcoin Prices
October has just begun and the world already seems chaotic. This was due to 180 Iranian ballistic and hypersonic missile attacks on Israel on Tuesday, October 1. Just after this attack, the crypto ecosystem immediately reacted. Almost all crypto tokens are colored “red” in response to tensions between the two countries.
This price decline was also experienced by BTC. Bitcoin prices fell quite drastically with a percentage decline in the range of 2-3%. In fact, on September 30 Bitcoin touched $65,000 after experiencing a long decline.
It is reported that BTC will also experience an increase in October after feeling it in September. However, due to the Iran-Israel conflict, these hopes were dashed.
Bitcoin and Its Response to World Conflict
Bitcoin does have an unfavorable trend in its response to world conflicts. Bitcoin tends to experience a decline when conflicts between countries arise.
As during the conflict between Russia and Ukraine in 2022, Bitcoin even experienced a decline of up to 7.9% and the price plunged below $35,000. Bitcoin even had a negative impact during the geopolitical conflict between the United States and China in 2018 and 2020.
However, Bitcoin once gave a positive response, namely when North Korea conducted a nuclear test in 2017. At that time, the price of Bitcoin soared with a continuous upward trend.
Current Bitcoin Price Chart
At the moment, harga BTC to USDT indeed experienced an increase of 1.16%. Although the price is still below $63,000, the increase is quite encouraging. The BTC token RSI indicator shows a number above 50, which means that currently, the buying trend is slightly dominating over the selling trend.
The positive Bitcoin RSI number is also reflected in the MACD line. It can be seen that the BTC MACD indicator is trying to rise above its limit line. This means that if the line continues to hold and is sustainable in its increase, a BTC bullish trend will occur and the price of Bitcoin will experience a sustainable increase.
Conclusion
The explanation of the impact of Iran's attack on Israel on Bitcoin prices has reached its end. Even though it is enough to make the majority of investors worry and temporarily switch to traditional investment instruments, Bitcoin's price is showing its strength again.
It is best to watch out for the high volatility of crypto tokens both positively and negatively. This is why we must conduct in-depth research when investing in the crypto ecosystem.
If you are currently doing independent research on Bitcoin to find out what its current condition is, Bitrue can help you. Bitrue has various features that you can use for independent research, starting from checking prices in real-time, finding out price conversions from BTC to USD, to articles that you can check to find out about current developments in crypto trends.
That way, you will understand about how to buy Bitcoin overall. Also, adjust your financial capabilities in determining how you invest in BTC and other crypto tokens.
About Bitrue
Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.
This Press Release has also been published on VRITIMES
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
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