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Ahmed Barakat
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Crypto markets woke up with new news as the US hit Iran again. The price of Bitcoin is to be stuck Cut between $62,000 and $64,500 after rejecting its recent pressure near $64,500. Ethereum is also feeling the heat, as the strike on Iran sends oil prices skyrocketing and makes hunger less likely. Previous gains for July now appear to be unsustainable.
Now, does crypto remain connected to geopolitics? Japan’s high yields are also eating into US prices, adding pressure on risky products. However, while major headlines are dominating crypto news, industry players are moving in other directions.
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Iran Strike Sends Oil Higher As Bitcoin Price Turns Choppy
Today’s attack on Iran is sending oil through the roof and is hitting crypto hard. The price of Bitcoin is struggling to hold its ground, and Ethereum is moving along with the fear of the market. In the past months, when oil and yield increased, crypto was the first to bleed.
However, this is not 2022; The institutional framework is strong, and companies participating balance sheets. We still remember that since the great crash of October last year, the price of Bitcoin has been worthless. It tried for a short time in July but failed to continue. The lack of weak points and the low interest rate make it look fragile. Some experts even warn that they consider themselves cautious with the current situation.
At the same time, Strategy has been selling Bitcoin aggressively, including a recent $216 million tranche. The shift from a large group to a retailer has attracted attention, although the market has been largely muted so far.
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Ethereum Price Gets Better As Bitmine Continues To Buy
Ethereum’s price may be soft on the surface, but the chain’s performance is looking good. Tom Lee’s Bitmine just bought another 40,000 ETH worth $71.6 million from FalconX and Kraken 11 hours ago. This follows their purchase of 42,000 ETH last week as they continue to push towards 5% of total assets.
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As of today, the continuous accumulation of Bitmine is very different from the trading strategy. Tom Lee has previously said that Saylor’s move is “high quality”.
It’s not all looking bad this time. The weakness of the Japanese yen is also causing local companies to buy Bitcoin and XRP to diversify the economy. The ETF’s daily trend has turned positive after the previous breakout. Large corporations are also working. Vanguard is looking for a chief digital officer, and Solana just hired Twitter’s former chief security officer as CISO.
Iran’s attack is huge for crypto, but it eventually leaves the front page. In that case, the price of Bitcoin and Ethereum will be supported by the same accumulation that has been happening while everyone else is distracted by oil and yields.
Bitmine is not buying because conditions are good, and business interest from Japan and ETF returns are strengthening the bottom.
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