Global Political Tensions Shake the Cryptocurrency Market
Market Disruption Amid Heightened Fears
Increased geopolitical tensions are severely shaking the cryptocurrency market. U.S. President Donald Trump once warned about the possibility of an attack on Iran's supreme leader, causing panic among investors. Altcoins like Ether, Solana, and XRP have dropped nearly 5% to 9% in just one week.
In this context, Bitcoin is also not immune to sharp declines. When Bitcoin fell to a low of nearly $108,000, altcoins also faced sell-off pressure, quickly driving prices down. Notably, coins like Cardano, SUI, and Dogecoin lost more than 10% to 12% within the week.
Federal Reserve's Warning Letter Raises More Alarm
Aside from geopolitical issues, the U.S. Federal Reserve (Fed) raises further concerns. Chairman Jerome Powell warned of risks from global conflicts and new tax levels, which could worsen inflation. Although interest rates remain unchanged, investors recognize that the Fed is not ready to cut rates.
Is Bitcoin Maintaining Its Initial Role or a Safe Haven?
In the context of instability, many investors are turning to stablecoins or holding onto Bitcoin, viewing it as a risk hedging measure. Nevertheless, Bitcoin has yet to confirm its position as a safe cryptocurrency like gold or a positive risk asset.
In the past year, Bitcoin has increased by 60%, but predictions about its next direction remain uncertain. Cryptocurrency expert Doctor Profit warns that Bitcoin could drop below $100,000, even down to $93,000, as the market braces for larger macroeconomic shocks.
Source: https://tintucbitcoin.com/bien-dong-lon-thi-truong-tien-dien-trung-dong/
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