Unchained
Bitcoin's Price Dropped After Iran's Attack on Israel. Is ‘Uptober’ Canceled? - Ep. 713
Oct 4, 2024
André Dragosch, European Head of Research at Bitwise, dives into Bitcoin's relationship with geopolitical turmoil, particularly following the Iran-Israel conflict. He discusses how these events create volatility yet also offer buying opportunities, emphasizing Bitcoin's potential as a safe-haven asset. André analyzes Bitcoin's historical trends and its evolving reputation, underlining the impact of institutional investments and upcoming U.S. elections on price dynamics. Is ‘Uptober’ still on the table? Tune in to find out!
40:07
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Quick takeaways
- Geopolitical tensions have historically led to Bitcoin sell-offs, indicating its evolving perception as a safe haven asset amidst uncertainties.
- The ongoing U.S. presidential election could significantly influence Bitcoin's price, especially with potential pro-crypto policies connected to candidate success.
Deep dives
Geopolitical Events and Bitcoin Performance
Recent geopolitical events, such as missile attacks in the Middle East, have historically led to short-term impacts on Bitcoin prices. Following the escalation of tensions, there was an observable sell-off in Bitcoin, surprising many who anticipated a rise as a safe haven asset. This sell-off reflects increased uncertainty and can clear the way for potential buying opportunities, as the majority of weak hands tend to exit the market during such times. Historical analysis shows that after a short dip, Bitcoin often experiences a recovery, with performance above average roughly five to ten days post-event.
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