Although stock markets have been damaged by the increasing turmoil in the Middle East, Bitcoin (BTC) and Ether (ETH) remain resilient. Oil prices are rising. Bitcoin and Ether were little affected, with a decrease of 0.2 percent in the last 24 hours. While the price of XRP decreased by 1.3 percent, the price of Cardano (ADA) increased by 0.4 percent. CoinDesk Market Index (CMI) decreased by 0.19 percent, indicating slight losses.
The Israel-Hamas conflict extended into its third day after Palestinian militants fired missiles at Israel. Fears of the conflict spreading to neighboring countries such as Iran, combined with traders’ concerns that supply may be disrupted, are affecting oil prices. Josh Young, chief investment officer of energy investment firm Bison Interests, said in an interview with CNBC that if the United States imposes sanctions on Iranian exports, it could have a “pretty dramatic impact on the oil market.”
“It wouldn’t be surprising to see oil rise by $5 (in terms of WTI).”
According to MarketWatch data, crude oil WTI increased by 3.23 percent since Sunday, increasing its three-month gain to 16 percent. Brent crude oil rose by approximately 3.5 percent.