After the war situation escalated between Israel and Iran, Russia’s invasion of the eastern Ukrainian village of Vugledar, World War 3 has been trending on twitter, and every country seems to be walking on eggshells. Even if the situation might not be escalating towards a war situation, expecting a consensual halt- is seemingly an utopian fantasy at present. With tough financial times ahead, crypto could be the answer!
As soon as this week kicked in, and conflict between Israel and Iran got serious, Bitcoin saw a significant dip from previous week’s $65k mark, it currently is trading at $61,351.13 after a plunge of 3.38% in the past 7 days.
This has sent traditional investors scrambling back to gold. Historically, gold has been the go-to currency for people during times of geopolitical clashes, and it is not surprising if people still are hesitant to see Bitcoin as a reliable hedge, irrespective of it being a successful use case in Venezuela, El Salvador.
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It serves as a clear reflection of how people currently view decentralized money.
As a result, many market analysts have cautioned against trading based solely on seasonal trends, as recent market behavior defies expectations. They emphasize the need for patience and careful assessment before making trades, especially when navigating both low and high time frames, which can create conflicting signals. Traders are advised to remain cautious and wait for clearer market signals before making new positions. Ethereum is showing weakness, especially on the weekly time frame, which is expected to necessitate a turnaround in the next few days.
In the recent TechnicalRoundup video, analysts have expressed concern about Ethereum potentially closing at a new low, suggesting it may drop below $2,000.
All in all, several macroeconomic factors including the Russia-Ukraine conflict, Iran- Israel conflict and US Presidential Elections are already exhibiting real-time consequences on the crypto market, and with World War 3 speculations, crypto market trends, too, seem to sit on the edge.
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Also Read: Historic Uptober is here; what coins are whales buying?
