Now that the dust seems to be settling in Iran, bitcoin has retreated back below $8,000 again. Price movements were definitely correlated with breaking news but how has BTC interest in the area been affected?
Are Iranians Interested In Bitcoin?
There is no doubting that bitcoin has cemented itself as a store of value asset this year. Its highly correlated price movements with those of gold reaffirm its safe haven status.
As geopolitical tensions have eased a little, the prices of BTC have also retracted. It has now fallen back to the $7,800 zone where it appears to be consolidating at the moment. Gold prices have also retreated and are hovering at $1,550, down 3% from the six year peak a couple of days ago.
Interest in BTC usually spikes in countries where economic or geopolitical tensions have spiked but this does not appear to be the case in Iran.
LongHash has been delving into the data and has discovered that bitcoin prices are not soaring in Iran and demand remains unchanged.
The exchange rate between the Iranian Rial and USD…