How closing the Strait of Hormuz might impact Bitcoin prices

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d3fi21Member
Posts: 3 · Reputation: 111
#1Apr 14, 2021, 04:09 AM
So, I came across this report saying China is chatting with Iran to make sure their ships can safely get through the Strait of Hormuz. This is happening with all the rising tensions in the area and worries about disruptions in such a crucial spot in the world. With all this fear in the air, plus the global economy feeling shaky and oil prices spiking, it seems like Bitcoin might drop from around 71779. But if we check the Bitcoin chart, there's a support level at 71215. Do you guys think Bitcoin could bounce back from that level? We're kinda hoping for some calm down in the Middle East since investors are freaking out about taking risks. Everyone's asking, what’s Trump doing about all this to ease investors' minds and encourage them to put money into global transactions and Bitcoin?
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fork69Full Member
Posts: 43 · Reputation: 368
#2Apr 14, 2021, 08:25 AM
Why not just lock this thread and continue the discussion about the strait of hormuz in this link https://bitcointalk.org/index.php?topic=5577431.msg66511075#msg66511075
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gang2009Full Member
Posts: 82 · Reputation: 596
#3Apr 14, 2021, 11:47 AM
I don't think Trump can do anything at this point unless he's willing to stop the war and the impact on Bitcoin won't fully recover unless this war policy ends completely. The closure of the Strait of Hormuz will impact the entire world because the strait plays a vital role in global oil supplies. If conditions worsen, the impact on other sectors will also be greater. So far, only China and Russia are likely to be granted free passage by Iran. Bitcoin is unpredictable in conditions of chaos like this because some investors will seek a safe haven. Although we see Bitcoin as a long-term store of value, this chaos could impact Bitcoin's short-term trajectory.
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