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.