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Increased Bitcoin Activity by 100% Amid War Threats - Anticipated Developments
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With the almighty Israel going berserk on Iran, Bitcoin finds itself clawing back from the abyss amid the conflict's collateral damage. Not only has the coin's value leaped above its lows from last week, but its daily trading volume's also seen a significant boost, suggesting investor interest's alive and well, regardless of global upheaval.
Bitcoin Volume's Stealthy Comeback
Data from the mighty Coinglass shows that, after an unlucky start to the week with dull trading volumes below $50 billion on Sunday and Monday, the wake-up call for Bitcoin volume came as its price skyrocketed leading up to Tuesday.
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By Tuesday lunchtime, the Bitcoin daily trading volume had surpassed the colossal $88 billion mark, translating to an almost 100% surge in volume throughout this time period. This growth accompanied Bitcoin's wild price swings between $105,000 and $108,000, a telltale sign of high market volatility.
Bitcoin's Castle Under Siege
The crypto market's attention, much like a dog with a bone, has zeroed in on Bitcoin as altcoins continue languishing amid the highs that Bitcoin is experiencing near its all-time highs. Bitcoin's dominance remains sky-high, hovering above 64%.
Could War Rain on this Parade?
Though the tension in the Middle East seems to be easing, with some squinting at it as 'World War 3's prelude, the specter of conflict persists. Some forecasters believe the war might only be getting started.
The Kobeissi Letter's Grim Predictions
The Kobeissi Letter, known for its uncanny insights, recently dropped a bombshell about these war predictions on X (previously known as Twitter). The predictions revealed that, if the chances of 'World War 3' were real, we'd see the S&P crash a whopping 30%, gold spike up to a terrifying $5,000/oz and oil hit the roof at $100/barrel.
Furthermore, a 90% chance of 'World War 3' would likely bring the S&P crashing down a monstrous 50%, sending gold shooting up to an astounding $10,000/oz and oil plummeting to a rabid $200/barrel. Given Bitcoin's tight connection to the stock market so far, it's a given that such a catastrophe would mean severe losses for the crypto market.
However, The Kobeissi Letter's astute analysis says the market sees the possibility of war as slim, with most futures pointing to de-escalation on the horizon.
- Despite the ongoing conflict between Israel and Iran causing 'collateral damage' to Bitcoin, the coin's value has rebounded and its daily trading volume has increased significantly, indicating ongoing investor interest.
- The data from Coinglass shows that Bitcoin's daily trading volume, initially low at the start of the week, surged to over $88 billion by Tuesday lunchtime, representing almost a 100% increase in volume during this time and coinciding with Bitcoin's volatile price movements.
- The attention of the crypto market is focusing on Bitcoin as altcoins remain stagnant amid Bitcoin's price rally towards its all-time highs, with Bitcoin's dominance staying above 64%.
- Despite some predictions of a potential escalation of conflict in the Middle East, analysts believe that the outlined prospects of 'World War 3' are minimal, which could suggest a favorable outlook for the stock market, gold, oil, and possibly crypto markets as well.
