Bitcoin's Price Goes Up By 8%. Reaction To the Attack?

3 min reading

Bitcoin (BTC) continues to grow for the fifth day in a row. Since yesterday the BTC exchange rate increased by nearly 8%. At the peak moment the value of it reached almost USD 8400, which is the highest level since November. As economists claim, an increase like that is a reaction to the Iran bomb attack on US military bases in Iraq.

Bitcoin's rate goes up

Currently, the price of Bitcoin (BTC) is 8336 USD (according to CoinMarketCap). At the peak moment, however, the exchange rate was close to 8400 USD (8394 USD to be precise), testing the highest levels it has reached for almost two months. Since yesterday the value of the token increased by 7.5%, and as much as 21.4% since Friday.

By continuing the upward trend, which has been going on since then, the BTC rate crossed the psychological limit of USD 8000 yesterday. It also, for the first time since November, reached the 200-day rolling average. Today, the "benchmark" cryptocurrency is continuing its appreciation towards USD 8,500, as it reached the highest price since November 19, 2019.

BTC price's increase as a result of Iran's attack on the US?

A great number of economists think that a strong increase of Bitcoin's value from just above USD 6,900 to nearly USD 8,400 was strongly influenced by a rising tension between Iran and the United States. The situation seems like a confirmation to the fact that the last push towards USD 8,500 came shortly after mainstream media informed about the Iran's attack on the US troops stationed in Iraq.

According to media reports, on the Tuesday night Iran launched at least a dozen ballistic missiles that fell on Al Asad and the military airport in Irbil, two US military bases in Iraq. According to the reports of the Iranian state media, at least 80 people were killed in the attacks. The mainstream media do not confirm these reports, though,  the Pentagon reports only that "loss estimation is underway."

As a consequence of the attack, gold, silver and oil prices increased as well. Bitcoin's rally next to the assets like oil, gold and silver is not a surprise to the majority of traders as many believe that digital assets are correlated with what happens to the price of particular goods.

Altcoins stand still

In the past, strong upward moves on the Bitcoin market have often had a positive effect on the quotations of leading altcoins. Not this time. Only Chainlink (LINK), Tezos (XTZ) and Litecoin (LTC) followed in the footsteps of BTC, by increasing respectively by: 17%, 6% and 4% in the last 24 hours.

The rest of altcoins recorded either small movements, both up and down. The situation is similar in the case of hard forks of the oldest cryptocurrency that actually stand still and that is Bitcoin Cash (BCH) (which increased by 0.7%) and Bitcoin SV (BSV) (which decreased by 0.1%).

The market capitalization of all cryptocurrencies has exceeded the level of USD 200 billion and currently amounts to over  the highest since November last year.

Waluta Kurs Dokonaj zakupu

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Tokeneo TEO OU. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TOKENEO TEO OÜ (an Estonian law limited liability company) with its registered offices in Tallinn (in the province of Harju Maakond), at 19-7K Maakri Street (in the district of Kesklinna Iinnaosa), 10-145 Tallinn, Estonia, registered on 21.12.2018 in the Estonian Business Register under number 14630242, using the EU VAT number: EE102149487.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.