Bitcoin Hits New 2020 High Above $8,400 After Iranian Missile Attack

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At 23:30 UTC on Jan. 7, the world’s largest cryptocurrency by market capitalisation began a robust upward trend from $8,080 to above $8,400 before topping out at $8,438 in only over 40 minutes.

The move to fresh 2020 highs comes after Iranian missiles struck U.S. and coalition bases in Iraq, causing traders to reallocate capital into safe-haven assets like gold and oil faraway from riskier assets.

Joshua Green, head of trading at Digital Asset Capital Management – a cryptocurrency trading firm said the BTC rally was a response to the unfolding events in Iraq.

“You also are seeing oil and gold up strongly,” Green said.

CoinDesk BPI
Source: Bitcoin price level
At the time of writing, the Dow Jones Industrial Average is down 0.41 percent while the S&P 500 index is down 0.28 percent.

Crude oil has risen significantly and is up 4.3 percent while the cash price of gold has is up 2.19 percent to around $1,608 per ounce .

BTC is now looking to cement its position because the leading safe-haven asset, a minimum of in crypto, amid heightened geopolitical tensions.

Other notable cryptocurrencies like ether and XRP have experienced little gain, with XRP down 3.5 percent while ether is slightly within the green, up by 0.09 percent, Messari and CoinDesk data show.

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