By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Market Uncertainty Heightened by Middle East Tensions – Can Bitcoin Serve as a Safe Haven?
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Market Uncertainty Heightened by Middle East Tensions – Can Bitcoin Serve as a Safe Haven?
Crypto

Market Uncertainty Heightened by Middle East Tensions – Can Bitcoin Serve as a Safe Haven?

News Room
Last updated: 2024/10/03 at 10:50 PM
News Room
Share
4 Min Read
SHARE

With the ongoing geopolitical tensions in the Middle East, Bitcoin has struggled to surpass the $60,500 mark, reflecting the broader market’s uncertainty. The global crypto market cap has decreased by 1.44% to $2.13 trillion in the last 24 hours due to Iranian missile strikes on Israel in response to Israeli military actions. This conflict has intensified with the United States sending military support to Israel, adding to global market instability. However, despite this negative sentiment, JP Morgan analysts believe that geopolitical instability and the approaching US presidential elections may drive investors to seek safety in assets like Bitcoin and gold, leading to increased demand for these traditional hedges.

Standard Chartered’s Geoff Kendrick views the ongoing conflict in the Middle East as a potential buying opportunity for Bitcoin, particularly with prices under $60,000. The surge in open interest in December options, totaling 80,000 contracts, indicates market optimism. Despite a recent 5% drop in Bitcoin’s price due to events like Iran’s missile attacks on Israel, Kendrick highlights Bitcoin’s value as a hedge against traditional financial risks such as bank collapses and U.S. Treasury concerns. Additionally, with political uncertainty surrounding the US presidential election, Kendrick suggests that Bitcoin may gain popularity as a safe-haven asset in the post-election period, especially with the likelihood of a Trump victory.

JP Morgan analysts support this viewpoint, noting that geopolitical tensions and election-related risks could drive investor interest in safe-haven assets like Bitcoin and gold. However, Standard Chartered’s Geoffrey Kendrick warns of potential short-term price dips for Bitcoin below $60,000 due to geopolitical uncertainties. Despite being considered a hedge against inflation, Bitcoin’s price may react sharply to global events. Kendrick believes any such dip will be temporary and won’t impact the long-term outlook. Furthermore, the options market shows positivity, with increased call options for $80,000 by December 2024 indicating trader optimism for a recovery. Kendrick suggests that with favorable conditions such as ETF approvals and growing institutional interest, Bitcoin could reach $250,000 by 2025.

Although short-term risks exist, the long-term fundamentals of Bitcoin appear bullish, supporting potential recoveries and sustained investor confidence. From a technical perspective, Bitcoin remains under pressure as it struggles to surpass the critical $61,107 resistance level. The asset is currently within a descending channel pattern, indicating a bearish trend that may intensify if prices break below the immediate support at $59,989. On the upside, a successful move above $61,107 could trigger a retest of $61,684 and further to $62,176, signaling a shift in momentum. The Relative Strength Index (RSI) stands at 42.86, suggesting a slight bearish bias until Bitcoin decisively breaks above the downward trendline resistance at $61,107.

In addition to the geopolitical and technical aspects of Bitcoin, investors can also explore new opportunities such as Memebet Token, which offers a unique way to wager meme coins like $PEPE and $DOGE in web and Telegram casinos through the Memebet Casino platform. Memebet Token holders can enjoy exclusive play-to-earn airdrops, VIP bonuses, and special rewards tailored for degens. With 20% of the total Memebet Token supply allocated for player airdrops, investors have the chance to benefit from exclusive bonuses and rewards. The current presale price for Memebet Token is 1 $MEMEBET = $0.0256, providing an opportunity to purchase the token at presale prices using various payment methods. However, it’s essential to remember that investing in crypto is a high-risk asset class, and it’s crucial to conduct thorough research and seek professional advice before making any investment decisions.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room October 3, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Amir leads efforts to provide essential resources for supporting displaced individuals affected by aggression in Lebanon
Next Article Australian Dollar decreases due to geopolitical tensions while market anticipates US jobs data
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?