Bitcoin Hits New 2020 High Above $8,400 After Iranian Missile Attack

By

Sebastian Sinclair

At 23:30 UTC on Jan. 7, the world’s largest cryptocurrency by market capitalization began a strong upward trend from $8,080 to above $8,400 before topping out at $8,438 in just over 40 minutes.

The move to fresh 2020 highs comes after Iranian missiles struck U.S. and coalition bases in Iraq, causing traders to reallocate capital into safe-haven assets such as gold and oil away from riskier assets.

Joshua Green, head of trading at Digital Asset Capital Management – a cryptocurrency trading firm said the BTC rally was a response to the unfolding events in Iraq.

“You are also seeing oil and gold up strongly,” Green said.

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