Geopolitical tensions are increasing, but Bitcoin has not seen a great price action. Nobody’s CEO, Ray Youssef, explains why.
The increase in tensions in the Middle East is exposing a defect in how some merchants see Bitcoin (BTC). Instead of acting as coverage, Bitcoin is behaving more as a technological action, says Ray Youssef, CEO of Noons, a payment platform and negotiation of cryptographic pairs.
“Markets generally do not like surprises, but lately, cryptography does not seem to react much. During the past week, we have seen an important trick aimed at the greatest exchange of Iran cryptography, growing tensions in the Middle East and even digital war signs. However, cryptographic prices have barely moved,” Ray Yossef, Noons.
Yossef also highlighted the $ 100 million rape of Nobitex, the greatest exchange of cryptography in Iran. The trick, probably made by Depredator Sparrow, a piracy group with Ties with IsraelThe alarms would have sounded before.
Growing tensions are usually positive for coverage assets. However, Bitcoin’s reaction was silenced, continuing to operate around $ 105,000. At the same time, Ethereum (Eth) He also quoted between $ 2,120 and $ 2,330, now for the seventh consecutive week. This is despite significant Whale entriesascending to 871,000 ETH in a week.
Bitcoin fails as a coverage asset for now: Yossef
Bitcoin’s lack of movement, according to Youssef, suggests that its coverage assets narrative is losing traction in the current market.
Bitcoin no longer seems to function as a coverage asset; Instead, it behaves more like a high beta technological stock, trapped in macro winds but does not really direct its own ship. The link between BTC and Nasdaq 100 is still strong at 0.68 ”, Ray Yossef, nobody.
Even so, Youssef points out that the geopolitical risk is promoting a change within the broader cryptographic landscape. Bitcoin’s domain is approaching 66%, since merchants withdraw from the most risky altcoins. If global tensions continue to increase, this rotation in BTC could accelerate, especially if capital controls, sanctions and infrastructure interruptions enter the mixture.