Bitcoin Warning: Why This Weekend Could Be ‘Highly Eventful’ as War Enters 2nd Month

It was precisely a month ago when the US and Israel joined forces to carry out military strikes against several Iranian sites, including killing the nation’s Supreme Leader, in what was advertised as a relatively quick operation.

Although Trump bragged several times that the US is ahead of schedule and the war would be over soon, there’s still no clear end in sight after Iran rejected the ceasefire proposal. Here’s why the next 48 hours could be pivotal, though.

Eventful Weekend Ahead

Aside from the lives taken, infrastructure destroyed, and relationships crashed, the war has taken a big toll on the world’s economies, different assets’ prices, and, of course, the cost of living. One of the most volatile of those assets has been, expectedly, oil.

After a massive rollercoaster, including double-digit gains to multi-year peaks and subsequent, similarly volatile retracements, oil prices closed on Friday at just over $100/barrel. At the same time, the S&P 500 is at a multi-month low, while the US 10Y Note Yield is close to 4.5%

According to the analysts at The Kobeissi Letter, Trump “must contain the bond market immediately.” They expect a “highly volatile weekend” before the legacy futures markets open late on Sunday.

Bitcoin Volatility?

The primary cryptocurrency has felt the consequences of the war firsthand, and even though it surged by $13,000 at one point from $63,000 to $76,000, it has lost almost all momentum as it dipped below $66,000 yesterday.

The fact that it’s essentially the only asset that trades 24/7 means that the weekend developments influence its movements the most. As such, if the aforementioned prediction is right and there are some big moves on the war front on Saturday and Sunday, BTC could go on another wild ride. Moreover, the past month has shown that its fluctuations intensify once those legacy markets open.

For now, BTC has bounced above $66,000, but it’s still 6% down on the week, and there’s likely to be more volatility ahead in the next few days.

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