Cryptocurrencies left behind in market turmoil
Cryptocurrencies drift as war engulfs the Middle East
The diminished appeal of cryptocurrencies has been underlined by the lack of movement in the asset class over the past 48 hours despite the biggest geopolitical development in four years. While prices dropped initially on the news breaking, they swiftly recovered, but have been unable to do much else. Instead, attention has been focused on the oil surge, plus the continued push higher in gold prices.
What we’re watching – Geopolitics shoves economic data into the background
It’s fair to say that every other event this week has been pushed down the rankings in terms of importance. Even Friday’s payrolls report may struggle for attention if the war in the Middle East continues to develop as it has over the past two days. While stocks tumble as investors cut back exposure and gold surges on safe haven buying, bitcoin and its peers will be hard-pushed to make their voices heard.
Author
Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.
