Crypto Sells the WW3 Narrative
Altcoins tanked as world powers clashed.
WW3? Deepening conflict in the Middle East this weekend had traders fearful that the globe was on the precipice of flinging into World War 3. Should you be bidding the dip?
Iran signaled Friday that it would conduct a “calibrated” strike on Israel in retaliation to an Israeli-attributed airstrike on its Damascus consulate that occurred on April 1 and resulted in the death of seven senior Iranian military commanders. On Saturday, Iran followed through on this ominous promises, launching a barrage of over 300 drones and ballistic missiles at Israel (99% of which Israel claims to have intercepted).
Markets, which had been hammered during the Friday session, sold off on the escalation, sending Bitcoin wicking down to $60k for a total draw down 16% off its Monday local high.
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
