BTC Plunges below $8000, Loses Safe-Haven Status

The most popular cryptocurrency Bitcoin has declined below the $8000 level on Thursday, losing its safe-haven status on the recent political developments in the Middle East.

US President Trump ordered a strike near the Baghdad airport, which led to killing Iranian General Qasem Soleimani. Iran, in return, has fired a missile strike on a US base in Iraq.

Trump told reporters yesterday that no soldiers were killed in the Iranian barrage. “All is well! Missiles launched from Iran at two military bases located in Iraq,” Trump tweeted.

“Assessment of casualties and damages taking place now. So far, so good! We have the most powerful and well equipped military anywhere in the world, by far! I will be making a statement tomorrow morning,” he added.

The Bitcoin targeted the $8,300 level after breaking above $8,000.It has increased more than 15 percent (nearly $1,100) since January 6, which motivated investors to take profit.

At 12:01PM Makah timing, the BTC fell 4.6% to $7,932.

Analysts expect the cryptocurrency to decline further, reaching $7,850-7,550 in the coming period.  

The cryptocurrency had been moving sideways throughout the last six months, the data unveiled by San Francisco Open Exchange (SFOX) showed.

Researchers of the cryptocurrency prime dealer SFOX stated that despite the volatility of most cryptocurrencies including the BTC, market ended 2019 on a relatively stable note.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.