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In a striking and symbolic act, Iran has hoisted the red flag of "revenge" atop the Jamkaran Mosque in Qom, signaling a call for retribution. This rare tradition is typically reserved for times of profound national grief and anger. The last notable occasion was in 2020, after the assassination of General Qassem Soleimani.
The flag's current rise comes in the aftermath of the killing of Hamas leader Ismail Haniyeh in Tehran, an act Iran has squarely blamed on Israeli forces. In response, Iran’s Supreme Leader, Ayatollah Ali Khamenei, has vowed severe retaliation, stating: “Following this bitter, tragic event which has taken place within the borders of the Islamic Republic, it is our duty to take revenge.”
The red flag, emblazoned with the phrase "O ye avengers of Hussein", has deep roots in Shiite tradition, symbolizing the commitment to avenge unjust bloodshed. It draws from the historical martyrdom of Imam Hussein and underscores Iran's resolve to respond decisively to perceived acts of aggression.
Market Reactions to Geopolitical Tensions:
Bitcoin $BTC : Trading at $104,841, down 2.08%
Ethereum $ETH : Trading at $2,541, a decrease of 7.38%
S&P 500 ETF$XRP
: Trading at $603.75, up 0.36%
Gold ETF (GLD): Trading at $312.20, up 1.23%, as investors flock to safe-haven assets amid rising geopolitical tensions.
As global uncertainty mounts, market participants are keeping a close watch on these developments. The geopolitical landscape remains volatile, and the potential for escalation is high.
