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As Israel warns Palestinians in the north of Gaza to move south and away from its impending offensive, crypto is acting as a contrary asset and is finally seeing a small bounce after several days of downward price action.
A chaotic geopolitical situation
In step with safe haven assets such as gold and silver, crypto is bucking yesterday’s equities decline as an impending Israeli drive into northern Gaza is about to take place.
With the Ukraine/Russia conflict more than a year old, and now Hamas’ recent heinous strike into Israel supplying a spark that might yet set fire to the Middle East, the global geopolitical scene has been thrown into chaos.
A potential crypto rally
Very much a risk asset, cryptocurrencies should be expected to bear the brunt of investors divesting themselves of these types of assets in order to effectuate what has historically taken place in times of global trouble, which is a flight into the perceived safety of the U.S. dollar.
The fact that crypto is seeing an as yet smallish rally on Friday morning, while stocks fell slightly on Thursday, is probably more a case of technicals rather than the fundamentals of crypto right now. With the whole crypto market looking really oversold, a rebound to the upside had to come some time soon.
That being said, forward looking venture capital and other institutional investors will still be adding to positions in certain crypto projects that are building out very interesting technological products and services.
It would be hoped and expected that wars will eventually abate and innovative technologies will come to the fore, and it could be argued that they are more likely to come from the cutting edge sectors of AI and blockchain/cryptocurrency.
The one safe haven crypto
Having said that, there is one cryptocurrency that is battle hardened and ready right now for investment, and that is obviously Bitcoin. The very first of the cryptocurrencies to solve the double spend problem, and with the most secure network in the world, Bitcoin is an ideal asset for today’s
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Author: Laurie Dunn
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