The war in the middle east still continues and Iran is beginning to hit the allies of Israel and the United States; Saudi Arabia, UAE and many allies of Israel. Today, I saw a tweet implying that Iran are now targeting the prime minister of Israel in a sort of coordinated strike.
The government of US, Japan, China and many others are starting to evacuate their citizens. At the moment Saudi Arabia is currently not hospitable.
They're currently the only non-European country with a lot of foreign citizens. That currently have one of the most profitable football league in the world as well as one of the richest countries in terms of millionaires and oil.
Hitting a place like Saudi Arabia will do a lot of economic damage and seeing that Saudi do not even have enough nuclear weapon to hit back, the Iranians are going to have a fun time attacking a country that cannot attack them back.
So basically the evacuation is currently ongoing and functional businesses are currently on hold. Many commercial ventures are actually on hold and other places like UAE have gotten hit and people are beginning to leave as well.
Funny enough, the price of BTC still remains a bit solid. Is this because people are basically used to these events, or no one cares about wars and it's impact on digital assets? Or perhaps we've gotten enough dumps from the effect of the war and now BTC gas bottomed?
I don't think so.
My opinion is that we might need to hear the news of another major strike before we can get another dump. I don't believe that the effect of the war on the price no longer has effect.
I just think the panick situation at the moment hasn't activated any major fear that can cause some sell situation. Also, the war has really prolonged so much and become so chronic, it now seems like people are expecting it to continue.
I just feel so
I don't think crypto has bottomed, but at the moment no one actually thinks a black swan event bigger than the present wars will happen, but I don't think this is true. Imagine the news of an exchange collapsing, or a major selloff.
Imagine Micheal Saylor saying he's no longer interested in bitcoin and wants out. These are grade-level black swan events that can temporarily dump the charts more than that current war.
On the contrary we might not even have any black swan events till 2028, but this doesn't mean we actually need any of that to dump the chart.
The wars will probably continue till the end of the year, but I believe we might not even need any event for the market to dump, because I believe we haven't even seen the bottom of this dump, and the market should dump relatively as we head to the bottom.
The dump seems to have actually slowed down towards the end of February, and should probably begin to bleed soon irrespective of the macro events or whatever happens next.
As always this is not the best time to buy, these pumps are short-lived except you're a day trader, then this present market condition is the perfect time to make money trading.
