Bitcoin’s Safe Haven Narrative Comes Under Pressure Amid Iran-Israel War Fears, Investors Prefer Gold During Crisis
The thesis that Bitcoin (CRYPTO: BTC) would keep investors’ wealth secured during geopolitical risks was negated after the leading cryptocurrency plunged along with stocks over fears of a full-fledged war in the Middle East.
What happened: The world’s largest cryptocurrency slipped below $62,000, down about 3.52%, as news of Iran launching a missile barrage toward Israel spooked markets.
The decline mirrored a slump in the stock market, with blue-chip indexes like the Dow Jones Industrial Average and the S&P 500 closing Tuesday’s trading session in the red.
Bitcoin’s slump called into question its ‘store of value’ moniker, which has been frequently championed by proponents seeking to establish equivalency with gold.
On the contrary, spot gold rose more than 1% to $2,666 …
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