The past few days have been stressful for the world because of the recent killing of the Iranian General, Qassim Suleimani, in an air-strike operation by the US. This air-strike has caused harm to a lot of areas as it began a chain of socio-economic effects in the whole world. The US airports have started restricting Iranian-American at the airports, whereas Iran recently backed out from the international nuclear deal.
There were reports of an attempt to attack the US Embassy in Baghdad, Iraq. In response to this, Donald Trump said that in any further cases, they would take strict actions against the country. Any aggressive move by any one country can lead to a war on a global scale. Amid this, Crypto analyst and CEO of Three Arrows Capital firm, Su Zhu tweeted about various things that happened recently.
Gold mooning on the Asia open from Iran escalation over the weekend
1) Iran pull out of 2015 nuclear deal
2) Iraq parliament calls for immediate evacuation of all foreign troops
3) Trump threatens disproportionate retaliation
4) 3 katyusha rockets fired at US embassy in Baghdad https://t.co/laYuK2Mr98 pic.twitter.com/K6tIqMs72c
— Su Zhu (@zhusu) January 6, 2020
US-Iran tension’s effect on Bitcoin, Gold, and Oil
The value of the US dollar has dipped as other assets such as gold, Bitcoin, and oil witnessed a surge in their prices. The tension between the countries has had a positive effect on Bitcoin as the price seems to be aiming for the bullish resistances of $7500.
Along with this, the price of oil and natural gases have escalated as well, with a gain of over 5.5% and opened with a bullish gap in the market. Billionaire VC investor and entrepreneur, Micheal Novogratz believes that any wrong move by the countries and the prices of gold and Bitcoin will be more bullish as the economy crashes.
An increase can be seen in the gold prices as well as it moves upwards in the charts $1517.55 on 1st January 2020 to $1573.90. The price has gained a healthy 4% surge since the air-strike, and it continues to go upwards towards the $1600 level. USD has dropped by 0.10% concerning the Japanese Yen, and the effects of war will affect the purchasing power of the citizens and the countries.