ISLAMABAD, AUGUST 5: Investors are preparing for massive losses globally as Ethereum and Bitcoin plummet amid worries in the global market that Iran may strike Israel on a massive scale at any moment.
Over the last week, Bitcoin has dropped by 22%; today, it dropped by an astounding 13% to about $53,100. Over the last seven days, Ethereum has dropped 31%, and just Sunday, it has dropped 20% ($2,337 at 11 AM PKT).
In the last day, bitcoin traders have sold off more than $620 million, and further selloffs are likely as bears maintain their hold on the market.
Investors have been cashing out over the last three to four days due to factors including the US election uncertainty, recession, and the potential start of a full-scale conflict in the Middle East. Someone on X wrote,
“We’re likely to see crypto take the brunt of it if there’s a macro or geopolitical collapse, similar to March 2020, as it’s not a high conviction play from much of the ‘tourists’ that have entered the last year.”
War is more likely to be the deciding factor in cryptocurrencies and other well-liked business channels being targeted by bears who are causing devastation like never before because of our short retention period.
Rumors of a newly operable subterranean bunker in occupied Jerusalem for the protection of Benjamin Netanyahu and his staff in the event that Iran and Hezbollah decide to launch an all-out war against them have sent Israeli social media into a frenzy. This bunker, which is attached to the Israeli Defense Ministry’s Tel Aviv headquarters, is said to be resilient to a variety of threats.
The worst stock market drop in decades has occurred in Japan, with the Nikkei 225 index topping even the tragic Black Monday disaster of 1987. Global trends, however, point to a rise in the acquisition of military stock, a trend that has not yet been confirmed. The US Federal Reserve is thinking of cutting interest rates by half a point next month in an effort to calm the market and lessen any significant
Speaking of losses, Berkshire Hathaway, the company owned by American tycoon Warren Buffett, has sold $75.5 billion worth of shares and cut its ownership of Apple in half. He now has $276.9 billion in cash on hand and is only waiting for market clarification.
What does all of this mean, then? Views differ. Some others think it implies nothing at all, while others worry that it might lead to a slew of disastrous events like a third world war, US forces being driven into Israel, or even a global recession brought on by excessive money creation.
