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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, shares his insights into Bitcoin's price behavior amidst geopolitical turbulence. He discusses how Bitcoin has historically reacted to crises and offers a perspective on current market dynamics, suggesting it may present a buying opportunity. The conversation shifts to Bitcoin's role as a potential safe haven compared to gold and how recent ETF trends are reshaping the market. André also forecasts the implications of the upcoming U.S. elections on cryptocurrency prices, adding layers to the ongoing narrative.
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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Discover
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