Summary
- QCP Capital stated that despite heightened tensions in the Middle East, Bitcoin has remained stable.
- They reported that Bitcoin's short-term volatility index fell to a low level below 40, and that ongoing institutional buying positively impacted price support.
- However, it was also stated that potential closure of the Strait of Hormuz by Iran and military intervention by the United States could shock the global risk asset markets.
Amid escalating tensions in the Middle East, an analysis has found that Bitcoin (BTC) continues to demonstrate stability.
On the 16th (local time), QCP Capital stated in a report, "Despite growing tension in the Middle East, Bitcoin remains in a stable state," adding, "Bitcoin's short-term volatility index is below 40." They continued, "Considering the geopolitical situation, this is a very low level," and assessed, "The market has not yet shifted to risk-off mode."
They also noted that the recent institutional buying trend had a positive impact. QCP explained, "The price support for Bitcoin is underpinned by continuous institutional purchases," specifically mentioning that the steady accumulation by MicroStrategy and Metaplanet has supported the psychological level of $100,000.
However, they added that risks still remain. The report noted, "There remains the possibility that Iran may blockade the Strait of Hormuz," and, "Military intervention by the United States and further escalation could deliver a severe shock to the global risk asset markets."
As of 6:48 PM, according to the Binance USDT market, Bitcoin is trading at $106,948, up 1.90% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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