{"id":30286,"date":"2024-10-02T15:00:40","date_gmt":"2024-10-02T12:00:40","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=30286"},"modified":"2024-10-02T09:24:24","modified_gmt":"2024-10-02T06:24:24","slug":"bitcoin-dips-as-middle-east-drive-commodities","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-dips-as-middle-east-drive-commodities\/","title":{"rendered":"Bitcoin Dips as Middle East Tensions Drive Commodities Higher"},"content":{"rendered":"

Commodities like gold<\/strong> and crude<\/strong> oil<\/strong> have gained when geopolitical tensions in the Middle East<\/strong> rise; but, Bitcoin’s recent price behavior points to a different road, thereby generating debates on their usage as a safe-haven asset.<\/p>\n

Gold<\/strong> prices jumped 1.4% to $2,665 per ounce, virtually matching its all-time high while crude oil climbed by as much as 7% and hit $72 per barrel. By contrast, Bitcoin dropped more than 3%, from $64,000 to a low of $60,315 then partially recovered to $61,800.<\/p>\n

Conventional safe-haven assets are soaring as things between Israel<\/strong> and Iran<\/strong> turn dire. Targeting Israel with an airstrike on October 1, the market changed drastically as speculators sought US dollars, bonds, and gold. With around $521 million in liquidations noted, Bitcoin suffered considerable losses even if it was occasionally hailed as a digital safe-haven.<\/p>\n

\"gold<\/p>\n

This behavior is not unprecedented. Bitcoin<\/strong> also dropped over 8% in April 2024 after another geopolitical event involving Iran and Israel. Jeroen Blokland of the Blokland Smart Multi-Asset Fund believes investors may be selling Bitcoin to buy gold. In contrast, analysts like Jesse Colombo argue that crypto\u2019s volatility during crises confirms it is not a reliable safe-haven asset, likening its behavior to high-risk tech stocks.<\/p>\n

BlackRock CEO Larry<\/strong> Fink<\/strong> expressed hope in Bitcoin’s potential capabilities as an inflation hedge even if he pointed out that the asset is still under development. Until it moves totally to this usage, Fink also noted that Bitcoin’s price would continue to fluctuate in response to economic conditions and liquidity cycles.<\/p>\n

Precious metals remain the principal safe-haven asset; geopolitical issues are still very real and the debate on Bitcoin’s position during natural disasters is still under flux.<\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our<\/span><\/i> Telegram,<\/span><\/i><\/a> YouTube<\/span><\/i><\/a>, and<\/span><\/i> Twitter<\/span><\/i><\/a> channels for the latest<\/span><\/i> news<\/span><\/i><\/a> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Commodities like gold and crude oil have gained when geopolitical tensions in the Middle East rise; but, Bitcoin’s recent price behavior points to a different road, thereby generating debates on their usage as a safe-haven asset. Gold prices jumped 1.4% to $2,665 per ounce, virtually matching its all-time high while crude oil climbed by as<\/p>\n","protected":false},"author":6,"featured_media":30289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1],"tags":[61,8874,2155,8776,1882,8875],"class_list":["post-30286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","tag-bitcoin","tag-crude-oil","tag-gold","tag-iran","tag-israel","tag-middle-east"],"yoast_head":"\nBitcoin Dips as Middle East Tensions Drive Commodities Higher - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-dips-as-middle-east-drive-commodities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Dips as Middle East Tensions Drive Commodities Higher - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Commodities like gold and crude oil have gained when geopolitical tensions in the Middle East rise; but, Bitcoin’s recent price behavior points to a different road, thereby generating debates on their usage as a safe-haven asset. 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