Supply and demand, mass adoption, and utility are usually noted as the main drivers of cryptocurrency prices. However, the value of cryptos like Bitcoin also tends to spike or dump significantly after groundbreaking news.
Bitcoin price changed time and again with bull runs or bearish moves occurring after certain news about an economic or political event, government regulations, hacks on crypto exchanges, among others. But let’s take a closer look at each of these scenarios and how the news about these events had impacted the prices of cryptocurrencies.
US-Iran Conflict Spikes Bitcoin’s Price
Tensions surrounding the US-Iran war influenced the prices of digital assets. Bitcoin, for instance, surged by 5% after the U.S. killing of Iranian General Qassem Soleimani on January 3, 2020.
The leading cryptocurrency also spiked on January 8, 2020, after Iran unleashed ballistic missiles at two American bases in Iraq in retaliation to General Soleimani’s assassination. However, the market traded sideways when news surrounding the conflict between both countries began to wane. Read More...