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Bitcoin dumps as Biden supports Israel hitting Iran oil facilities

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Bitcoin and altcoins continued their downward trend while crude oil prices jumped as the odds of a wider crisis in the Middle East rose.

Bitcoin (BTC) retreated below $60,000 for the first time since Sep. 16 after Joe Biden hinted that he would support Israel hitting Iranian oil facilities, per Barrons. Other altcoins, like Ethena (ENA), Conflux (CFX), and Beam (BEAM), tumbled by over 15%, making them the worst performers in the top 100.

Meanwhile, crude oil bounced back, with Brent and West Texas Intermediate surging by over 4% to $76.5 and $73, respectively. American indices like the Dow Jones and Nasdaq 100 reversed earlier gains and dropped by over 50 bps. 

Biden’s statement raises the stakes for a wider conflict in the Middle East. A report by the New York Times cited senior Israeli officials who said that the country was prepared to go to war with Iran. Polymarket traders see a 63% chance that Israel will attack Iranian oil this month. 

A prolonged war in the Middle East would have a major impact across all asset classes, including cryptocurrencies.

It would increase oil and gas prices because Iran exports over 1.3 million barrels a day. Also, because of the Red Sea’s importance in the shipping industry, it would lead to supply chain interruptions.

Higher inflation would then impact the ongoing interest rate cycle by the Federal Reserve and other central banks.

Bitcoin holds well in periods of crisis

In a recent note, three Blackrock analysts wrote that Bitcoin holds better than other assets in periods of geopolitical issues.

They cited six major events, including the US and Iran escalation, the COVID outbreak, 2020 US election challenge, Russia’s invasion of Ukraine, US banking crisis, and the yen carry trade unwinding. In all these events, Bitcoin did better than the S&P 500 index and gold in a 60-day period. 

S&P 500, gold, and Bitcoin performance through major events | Source: Blackrock

Blackrock also noted that Bitcoin had more potential catalysts that could push it higher in the long term. The most notable ones were the US debt dynamics, its long track record of outperformance, its uncorrelated asset status, and its 21 million supply cap.

Other analysts, including Michael Saylor, have noted that Bitcoin will ultimately become a hedge against inflation.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Israeli tourists robbed of $700k in Costa Rica Bitcoin heist

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Eleven Israeli tourists were robbed during a violent attack on Santa Teresa de Cóbano beach in Puntarenas, Costa Rica. 

The robbery occurred while the group was attending a social event, where at least eight men approached them. The attackers arrived in two high-value vehicles and overpowered the group’s security guard.

The robbers, suspected of having police training, forced the tourists to hand over their belongings, including a substantial amount of Bitcoin (BTC). Surveillance footage shows the attackers, some wearing what appeared to be police uniforms, moving the victims from one location to another.

Insider job?

Authorities believe the attackers had inside information about the tourists’ financial activities, suggesting someone close to the group may have tipped off the criminals. The Judicial Investigation Agency is actively seeking leads in the case.

The fact that the robbers knew about the Bitcoin leads authorities to believe that the robbery was an inside job. The investigation is ongoing as authorities work to identify the perpetrators and recover the stolen assets.

Local news agency Teletica helped with the reporting of this story.  

Similar crypto crime in Ukraine

This robbery echoes a recent crime that took place in Kyiv, Ukraine, where police detained four men involved in the abduction and murder of a 29-year-old foreigner over nearly 3 Bitcoin. The premeditated crime with the suspects following the victim home before attacking him and forcing him to transfer his Bitcoin. The victim was then murdered, and his body was buried in a forest.

These incidents underscore the increasing risks facing crypto holders as criminals become more sophisticated in targeting individuals with large amounts of digital assets.

Is there a growing rate of crypto crimes?

A June Chainalysis report revealed that crypto-related crimes are becoming increasingly complex and resource-intensive for law enforcement to track down and stop. They require more time and advanced tools to investigate.

While many public sector employees view crypto positively, there’s a growing concern about its use by criminals, especially in regions like Asia–Pacific. The Chainalysis report highlighted the urgent need for more staffing and technology in public sector agencies across the world as they try to tackle crypto crime.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Altcoins WIF, BONK, RUNE and JUP drop 10% as Bitcoin recedes 4%

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Altcoins dogwifhat, Bonk, THORChain, and Jupiter have suffered losses above 10% as Bitcoin dipped 4% in the last 24 hours.

Following a period of relative calm yesterday, July 31, Bitcoin’s (BTC) price actions experienced a dramatic shift as the cryptocurrency fell by more than $3,500, bringing its value down to $63,300. At the same time, altcoins also mirrored this trend, with the total value of liquidated positions soaring to nearly $225 million over the course of the day.

Initially, the week started on a high note for Bitcoin, as it climbed to its highest point since early June, reaching $70,000. However, this peak was short-lived as a swift rejection ensued, leading to a substantial decline, with Bitcoin dipping below the $65,500 mark.

The cryptocurrency did manage to regain some stability, trading quietly at about $66,800. Nonetheless, following a press conference by Federal Reserve Chair Jerome Powell, Bitcoin’s value tumbled again to $64,300, marking a decrease of over 3% within 24 hours.

BTC 24-hour price chart | Source: crypto.news

The downturn coincided with a report from the New York Times stating that Iran had called for retaliatory measures against Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran, escalating the potential for further regional conflict.

Meanwhile, on the economic front, the Federal Reserve decided to maintain the benchmark interest rates, offering little insight into the anticipated rate cut in September. Powell also hinted that while no concrete decisions were made regarding the September adjustment, there is a growing consensus on the likelihood of a reduction.

Amid the Bitcoin drop, altcoins have suffered even more significant losses. For instance, dogwifhat (WIF) saw a 12.4% decrease, and (BONK) experienced a 10% decline. Other altcoins like THORChain (RUNE) also fell by 10%, while Jupiter (JUP) and Ethereum Name Service (ENS) decreased by 8% and 9%, respectively.

Among the larger-cap cryptocurrencies, the biggest losers are Solana (SOL) with an 8% drop, (XRP) down 6%, Cardano (ADA) falling 4%, and both Ethereum (ETH) and Dogecoin (DOGE) experiencing a decline of 4.4%.

Data from CoinGlass indicates that nearly 67,000 traders have been adversely affected by this increased volatility. BTC positions have seen $61.85 million in liquidations, while ETH positions have faced $61 million. In total, the value of liquidated positions stands at $225.4 million at the time of writing.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News