Iranian Conflict a Successful Beta Test for Bitcoin as Wartime Safe Haven
[NEWS BLOG]: Iranian Conflict a Successful Beta Test for Bitcoin as Wartime Safe Haven
Bitcoin’s primary use-case is continuously evolving. At first, many thought the cryptocurrency would be the next generation payment method. Scaling issues and extreme volatility deterred many merchants from accepting BTC.
At that point, critics thought that the virtual currency would die. But, the number one crypto proved to be resilient as its value proposition changed into a store of value and as the only non-correlated asset in the world. In the last week, bitcoin’s use-case is making another transformation.
An analyst tracked bitcoin’s performance as the turmoil in Iran escalated. It appears that one of the surprising consequences of geopolitical risk is bitcoin’s breakout from a six-month falling wedge. This could indicate that the top cryptocurrency is evolving to become a wartime safe-haven asset.
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Ripple Price Signaling More Upsides
Recently, there was a steady increase in bitcoin and Ethereum, which helped ripple in recovering above the $0.2250 resistance. XRP price followed a decent bullish past and surpassed the $0.2300 resistance.
Moreover, there was a close above the $0.2320 resistance and the 100 hourly simple moving average. A new weekly high is formed near $0.2359 and the price is currently correcting lower.
It traded below the 23.6% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high. An immediate support is near the $0.2310 level.
Besides, there is a major bullish trend line forming with support near $0.2305 on - read more.
Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies
- Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar.
- The price is now trading well below the $10,000 level and it could struggle to recover in the near term.
- There was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is under pressure and it is likely to decline further towards the $9,500 support.
Bitcoin price is back in a negative zone below $10,000 against the US Dollar. BTC is facing uphill task and it might face - read more.
India Plans to Issue a National Blockchain Framework
The Indian government is preparing a national framework to support the wider deployment of blockchain use cases.
Minister of state for electronics and IT (MeitY) Sanjay Dhotre said Wednesday that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology and the need for a shared infrastructure for different use cases.
Dhotre made the announcement in a letter addressing questions about blockchain from members of the Lok Sabha, the lower house of the Indian parliament.
In particular, MP Parvesh Sahib Singh Verma asked whether the government had encouraged and conducted research - read more.