At the time of writing, bitcoin (BTC) – the number one cryptocurrency by market cap – is trading above $8,100, suggesting that its latest bull run still has some steam behind it.
Bitcoin Is Still Hitting the Top
Yesterday, there was concern that perhaps things had either come to an end or were slowing down given that the currency was meandering between $7,900 and $8,000. This occurred for roughly two days, which made several analysts think that bitcoin had reached its peak considerably earlier than anticipated.
However, with this spike of more than $100 over the past 24 hours, it’s safe to say that the currency is retaining its resilience despite tensions between the U.S. and Iran beginning to settle on the outside.
The price of bitcoin shot up by roughly $400 on January 3 following a drone strike from the U.S. that killed one of Iran’s leading generals. Iran, naturally, didn’t take this too well, and fired several missiles at U.S. military bases in Iraq, though this event resulted in no casualties and little damage.
From there, as things escalated and the geopolitical atmosphere looked less and less secure, the bitcoin price continued to swell by $100 here, $100 there, and finally to the point that at press time, the currency has gained more than $1,000 in just over a week.
This is solid behavior from the world’s leading form of crypto, and one can only assume that things will continue in this manner as strain still exists in the relationship between both countries. While the threat of war is no longer looming over our heads, Iran is currently facing heavy protests from residents following its admittance of a “technical mistake” that caused a Ukrainian plane to be shot down, resulting in the deaths of more than 175 people.
People in the streets of Iran are chanting that their “enemy is here” or at home considering just how many Iranian citizens were aboard the downed plane. The bottom line is Iran attacked its own people, so whether firing on the plane was a mistake doesn’t seem to have much merit in the eyes of everyday citizens. Several of them now see their own government as oppressive and something to retaliate against.
We Stand with the Iranian People – Not Its Government
Meanwhile, President Trump in the U.S. is furthering the agenda of the people by tweeting in Farsi (the native language of Iran) that America stands with the people of Iran – not it’s government – and that citizens here admire their courage and strength of mind. He’s supportive of the protests and the people’s demand for a democracy rather than a dictatorship.
So, while the U.S. and Iran are not fighting each other directly, further tension exists through the activities of the people, and we’re likely to witness more bitcoin spikes granted this lasts.