Bitcoin Gained $3K Since The US Attacked Venezuela but Real Volatility Is Expected Today
Following the first shock retracement after the initial explosion in Venezuela’s capital Caracas, bitcoin’s price actually rebounded immediately and surged to almost $91,800 to mark its highest price level since December 12.
Thus, the cryptocurrency added almost three grand since the attacks began from bottom to top before it retraced slightly to around $91,300 as of press time.
In fact, most of the digital asset market is in the green now, which is the only one open during the weekends. Two of the tokens linked to the US President, WLFI and TRUMP, are among the biggest gainers, with the former skyrocketing by 14%, while the latter is up by nearly 7%.
Given the consequences of the attack and the fact that Trump said the US will run the Venezuela oil industry for now, analysts expect further volatility on Sunday at 6 PM ET when the oil futures open in some markets.
The Kobeissi Letter explained that Venezuela has over 300 billion barrels of crude oil reserves, which will reportedly be under US control. With oil prices at $57 per barrel, this would put the country’s total reserves at $17.3 trillion.
The analysts added that even if the US sells this oil for half the market rate, the value of $8.7 trillion would be larger than the GDP of all countries except China and the US. Consequently, they noted that “most people do not realize how much the world just changed,” and warned that more volatility is expected once financial markets, especially oil, open for trading.
The post Bitcoin Gained $3K Since The US Attacked Venezuela but Real Volatility Is Expected Today appeared first on CryptoPotato.
You May Also Like
Another Nasdaq-Listed Company Announces Massive Bitcoin (BTC) Purchase! Becomes 14th Largest Company! – They’ll Also Invest in Trump-Linked Altcoin!
WorkJam Raises the Bar for Frontline Operations Platforms with Major Release
