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The Israel-Hamas conflict is an enduring and deep-seated geopolitical issue that has attracted global attention for years.
However, despite the conflict affecting many people’s lives, the cryptocurrency space has remained largely unaffected by it.
In Gaza, the Palestinian Health Ministry reported at least 232 Palestinian casualties and more than 1,600 injuries from Israeli airstrikes and ground clashes with Hamas militants. In addition, Hamas claimed to have captured dozens of Israelis, including soldiers, which was confirmed by the Israeli military.
The situation remains highly unstable, with casualties on both sides and hostilities continuing. The conflict has raised serious concerns about the escalation of violence and its humanitarian impact on civilians in the region.
Here, we explore why the cryptocurrency industry has remained resilient and unaffected by the Israel-Hamas conflict.
Written by | Shanon
Reason 1 Decentralization and independence
One of the key reasons why the cryptocurrency industry is immune to regional conflicts such as the Israel-Hamas dispute is its core principle of decentralization.
Cryptocurrencies are not controlled by any single government or entity, which allows them to remain outside the political turmoil of any given region.
This combined technological and economic force operates on a global scale, and its value and effectiveness are determined by the interaction of various complex factors beyond the scope of regional geopolitics.
Reason 2 The Global Nature of Cryptocurrencies
Cryptocurrencies are global assets that transcend national and political boundaries, and their value depends on factors such as supply and demand dynamics, adoption rates, and market sentiment around the world.
Therefore, the conflict in the Middle East will not have a direct impact on the broader cryptocurrency market, which is spread across various countries and continents.
At the time of writing, Bitcoin is trading at $27,935. The cryptocurrency was able to maintain a decent 3.5% gain last week, despite falling just 0.1% in the past 24 hours, according to cryptocurrency market tracker Coingecko.
Cryptocurrencies have a market capitalization of $1.06 trillion, according to TradingView.
Bitcoin Tests Towards Key $28,000 Area This Weekend: TradingView.com
Reason 3 Investment Diversification
Some investors view cryptocurrencies as a means to diversify their portfolios.
In times of political instability or economic uncertainty, cryptocurrencies may be viewed as a hedge against traditional financial markets or even as a safe-haven asset on par with gold.
Therefore, demand for the cryptocurrency is likely to rise during this period, positively impacting its value.
Reason 4: Increasing Adoption
Cryptocurrency adoption has seen significant and continued growth across the globe, and this emerging interest is not limited to individuals, it encompasses a wide range of players, including businesses and institutions that have recognized the potential of cryptocurrencies.
This collective embrace of digital assets reflects the growing acceptance of cryptocurrencies as a legitimate, mainstream asset class.
A big factor driving this adoption is the growing recognition that cryptocurrencies’ utility is more than just armchair speculation. In addition to being investment vehicles, cryptocurrencies are also incorporated into the daily operations of businesses and institutions.
They provide a borderless and efficient way to transact, facilitating cross-border trade and enabling secure and transparent record-keeping through blockchain technology.
in conclusion
In summary, like many other regional conflicts, the Israel-Hamas conflict has limited direct impact on the cryptocurrency industry. The inherent qualities of cryptocurrencies, such as decentralization, global reach, and increasing adoption, make them immune to regional geopolitical events.
While cryptocurrencies remain resilient in the face of such conflicts, it is important to remember that they are not without risks and uncertainties, including regulatory changes and market volatility.
As with any investment, individuals should exercise caution, conduct thorough research and consider their own risk tolerance before participating in the cryptocurrency market.
Planning丨Sela
Author丨Shanon
Design and typesetting丨Jason
Image source丨Unsplash, Midjourney
*The copyright of the article belongs to Sela’s Creative Garden
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