Middle East Conflict Could Create Good Bitcoin Buying Opportunity
Key Points:
- Standard Chartered’s Geoff Kendrick warns that the Middle East conflict may encourage investors to have potential buying opportunities.
- Increased activity in the Bitcoin options market, with open interest for December options rising to 80,000 contracts.
According to Geoff Kendrick, Standard Chartered’s Global Head of Digital Assets Research, the Middle East conflict would be a good reason for investors to buy in when Bitcoin (BTC) prices are below the $60,000 threshold.
Read more: Middle East Tension Causes Panic in the Markets in the Short Term Â
Middle East Conflict Weighs on Bitcoin Prices
Per Decrypt reported, Kendrick, in an analysis on Thursday, attributed much of the reason for this observation to the ongoing unrest, notably missile attacks by Iran against Israel, which have taken their toll on crypto and stock markets, now in significant declines.
The Standard Chartered exec noted that Bitcoin is doing so, too, with it being down over 5% this week, which is in line with sustained investor uncertainty after those events. Yet he countered that Bitcoin should not be used merely as insurance against geopolitical instability but more so for problems in the traditional financial system, such as bank collapses and concerns about U.S. Treasury sustainability.
Kendrick cited a correlation between a heightening political suspense and volatility in the U.S. presidential election, where the rising likelihood of. Donald Trump‘s win could give a fillip to Bitcoin post-election. The latest data from Polymarket showed Trump’s probability of winning at 50%, up from. Kamala Harris‘s 49%, which Kendrick thinks cushions Bitcoin’s chances over the election.
Bitcoin Options Market Heats Up as More Investors Show Interest
The action has also perked up in options trading, with open interest for the December Bitcoin options surging to 80,000 contracts. The development indicates an increase in investor appetite across more market involvement, at a time when volatility continues to spearhead price action.
While the Middle East conflict has pushed Bitcoin’s prices down, Kendrick relayed the importance of considering the asset’s longer-term potential. In substance, even while prices may well be vulnerable in the near term, the fundamental drivers of Bitcoin were still there, particularly with traditional financial markets now coming under much more questionable scrutiny and uncertainty.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Middle East Conflict Could Create Good Bitcoin Buying Opportunity
Key Points:
- Standard Chartered’s Geoff Kendrick warns that the Middle East conflict may encourage investors to have potential buying opportunities.
- Increased activity in the Bitcoin options market, with open interest for December options rising to 80,000 contracts.
According to Geoff Kendrick, Standard Chartered’s Global Head of Digital Assets Research, the Middle East conflict would be a good reason for investors to buy in when Bitcoin (BTC) prices are below the $60,000 threshold.
Read more: Middle East Tension Causes Panic in the Markets in the Short Term Â
Middle East Conflict Weighs on Bitcoin Prices
Per Decrypt reported, Kendrick, in an analysis on Thursday, attributed much of the reason for this observation to the ongoing unrest, notably missile attacks by Iran against Israel, which have taken their toll on crypto and stock markets, now in significant declines.
The Standard Chartered exec noted that Bitcoin is doing so, too, with it being down over 5% this week, which is in line with sustained investor uncertainty after those events. Yet he countered that Bitcoin should not be used merely as insurance against geopolitical instability but more so for problems in the traditional financial system, such as bank collapses and concerns about U.S. Treasury sustainability.
Kendrick cited a correlation between a heightening political suspense and volatility in the U.S. presidential election, where the rising likelihood of. Donald Trump‘s win could give a fillip to Bitcoin post-election. The latest data from Polymarket showed Trump’s probability of winning at 50%, up from. Kamala Harris‘s 49%, which Kendrick thinks cushions Bitcoin’s chances over the election.
Bitcoin Options Market Heats Up as More Investors Show Interest
The action has also perked up in options trading, with open interest for the December Bitcoin options surging to 80,000 contracts. The development indicates an increase in investor appetite across more market involvement, at a time when volatility continues to spearhead price action.
While the Middle East conflict has pushed Bitcoin’s prices down, Kendrick relayed the importance of considering the asset’s longer-term potential. In substance, even while prices may well be vulnerable in the near term, the fundamental drivers of Bitcoin were still there, particularly with traditional financial markets now coming under much more questionable scrutiny and uncertainty.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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