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Crypto News - Posted on 03 October 2024 Reading time 5 minutes
DIGIVESTASI - Risky asset classes, including cryptocurrencies, saw significant declines amid heightened tensions in the Middle East, especially after Iran launched 180 missiles into Israel in response to an attack aimed at Hezbollah headquarters in southern Lebanon.
Bitcoin recorded a decline of 5.7%, which was the biggest daily drop since September 6. Meanwhile, the drop in value for altcoins such as Ether, Dogecoin, and Avalanche was even more drastic.
In the stock market, there were indications of capital shifting towards safe instruments-such as gold, oil, debt securities, and the US dollar-all of which rose.
Bitcoin's price decline suggests that this asset class is not yet fully correlated with gold. Despite the same sentiment regarding Iran's attack on Israel, gold rose by 0.8% overnight.
Analysts from Presto Research, led by Peter Chung, highlighted the difference in the price movements of the two assets in the short term. “Gold is a more mature asset with 5,000 years of history as a store of value, so the room for additional network effects is already very limited,” they explained.
“On the other hand, Bitcoin has attributes that make it a good store of value, but its history is only 15 years old. This means BTC is still in the early stages of mainstream adoption, and its narrative is still poorly understood,” the analysts added.
Recently, BlackRock, the world's largest fund manager, classified Bitcoin as a risky asset on par with gold. Robbie Mitchnick, head of digital assets at BlackRock, said, “When we think of Bitcoin, we primarily see it as an emerging global monetary alternative.”
Mitchnick explained that Bitcoin is a rare, global, decentralized, and non-sovereign asset. “It is an asset that is not affected by country-specific risk or counterparty risk,” he concluded.
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Source: bloombergtechnoz.com/
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