Geopolitical Shakeout

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07 Oct 2024

Geopolitical Shakeout

Israel-Iran tensions sent BTC tumbling this week as most traders opted for gold. However, a weekend rally now met with positive developments in FTX repayments keeps Q4's bullish image intact.

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BTC hit hard as global tensions rise

BTC broke down from $65,000 to $59,500 as tensions between Israel and Iran escalated. However, BTC market dominance rose as traders reduced market beta. A weekend rally followed the drawdown, with crypto’s no.1 asset currently sitting at $62,400. ETHBTC remains at around 0.039, indicating market participants remain cautious of market beta. Outside of crypto markets, gold was the main beneficiary of geopolitical uncertainty. In contrast, BTC’s price action during this period has been closer to U.S. stocks.