Today we saw how Bitcoin reconvened the expectation bullish for the short term, after the bulls wrapped a slight downside attempt. It is positive situation happened immediately after it announced the death of the Commander of the Revolutionary Guard, Islamic; an event that tension increases in Iran, and by consequence, economic uncertainty in the country. After what happened, the institutional investors have increased their positions in gold and silver; and for Iran as a major participant in the oil market, the black gold has also increased in price by more than 4% in a few hours. But they have not been the traditional markets of guard the only beneficiaries; Bitcoin and major altcoins have also had a positive day, showing the progress of some cryptocurrencies to safeguard value.
Contents
Iranians desperate to pay more than $ 25,000 per Bitcoin
Large investors are not the ones that are inflating the price of Bitcoin in iranian rials; it is the desperate people that try to guard against the likelihood of an imminent economic meltdown in the country. The best qualities of Bitcoin on other safe investments, they are still a determining factor in this situation. Users of LocalBitcoins Iran have been offering more than 1000 million iranian rials per Bitcoin, that’s equivalent to almost $ 24,000, being a price higher than its historic maximum, despite the fact that its real price is around USD 7.325. The highest current bid for BTC is 1.069.172.000 riyals iranian, equivalent to 25.437 u.s. dollars Sale of iranian rials per BTC on Localbitcoins today 3 December. Conversion of iranian rials into u.s. dollars. Source: xe.com
Increase in the price of Bitcoin in Iran diverges with volume of transactions
Despite the volatile devaluation of the iranian rial against the Bitcoin, the transaction volume has decreased to the point of playing a minimum of several months. This situation is very probably linked to the restriction of the Internet in Iran by the government of the country, this being a measure taken in the midst of strong protests during the month of November, responding to a fierce increase in the price of fossil fuel. Volume of transactions in LocalBitcoins Iran
The voltage increases with the passing of the hours
While the united States tries to calm the waters, Iran promises revenge for the action taken. Philip Gordon, who was coordinator of the White House for the Middle East and the Persian Gulf during the administration of Barack Obama, it states that this action is little less than a declaration of war. However, the president of the united states, Donald Trump, says has misrepresented the situation. For him, the action of last night was to stop a war, not to start. Ali Khamenei, supreme leader of Iran, said the following: “The criminals who have soiled their hands with the blood of the general Soleimani and of other martyrs in the attack should expect a harsh retaliation”. With a situation as negative for the iranians, it would not be unlikely to continue to see the devaluation of the currency, and an increase in the price of securities shelter traditional, oil, and cryptocurrencies. The decentralization that technology has to offer blockchain has already been supported by iranian president Hassan Rouhani. Recently announced that it was proposing a criptomoneda muslim that will eliminate the domination imposed by the u.s. financial system. However, the market for crypto is still at a disadvantage in the iranian population, because the regime has offered rewards to those who rat on cryptographic operations is not authorized. The following two tabs change content below. Creative editor and trader of cryptocurrencies, currencies, fiat, and commodities.