Joe Biden

Impact

when

<h4><strong>The Middle East has been locked up in a state of tension and conflict, and recent events have only heightened the volatility in the region. </strong></h4> 
<p>It all started on October 7th last year when Hamas <a href="https://www.washingtonpost.com/national-security/2024/08/05/unrwa-october-7-israel-hamas-gaza/" target="_blank" rel="noopener">launched</a> multiple coordinated attacks against Israel.</p> 
<h5><strong>1) Escalating Middle East Tensions and Global Impact</strong></h5> 
<p>This sparked a chain of retaliatory actions that could spill into an uncontrollable regional, and potentially global, conflict.</p> 
<p>The Middle East conflict seems set to pull countries tied to it through politics, economics, or energy to this tension. The world fears an increased escalation after Iran vowed retaliation for the assassination of Hamas political chief Ismail Haniyeh in Tehran and Hezbollah senior commander Fuad Shukr in Beirut. The big question is how these events impact various markets, starting with oil, the financial markets, and cryptocurrencies.</p> 
<p><img decoding="async" class="wp-image-147551 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvfdgfgthyuy-300x285.jpg" alt="" width="508" height="483" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvfdgfgthyuy-300x285.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvfdgfgthyuy.jpg 393w" sizes="(max-width: 508px) 100vw, 508px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/armaverseio/status/1817632127694831703" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><strong>2) Oil Prices on the Rise</strong></h5> 
<p>Iran, facing the loss of key figures, has several retaliatory options on the table. Supreme Leader Ali Khamenei hinted at “harsh punishment” for Israel, one of which could be disrupting the flow of oil through the Strait of Hormuz.</p> 
<p>Here’s how important this narrow passage is to the world: around 30% of the world’s oil goes through this route. Any threat to this route can cause significant spikes in oil prices due to fears of supply disruptions.</p> 
<p><img decoding="async" class="wp-image-147553 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vxcfddf-233x300.jpg" alt="" width="483" height="622" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vxcfddf-233x300.jpg 233w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vxcfddf-327x420.jpg 327w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vxcfddf.jpg 396w" sizes="(max-width: 483px) 100vw, 483px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/WTIBull/status/1820609152852562312" target="_blank" rel="noopener">X</a></strong></h6> 
<p>As of Tuesday, August 6, 2024, oil prices are reacting sharply to the escalating tensions. Brent crude futures rose by $1.25, or 1.6%, reaching $77.55 per barrel, while U.S. West Texas Intermediate crude futures climbed $1.35, or 1.9%, to $74.29. This rise follows a dip on Monday when both benchmarks fell around 1% amid global stock market declines.</p> 
<h5><strong>3) Impact on financial markets</strong></h5> 
<p>The Middle East conflict is leaving the world’s economy at a standstill. Uncertainties like this often lead to volatility in the financial market. However, the financial markets saw some stability early Tuesday, following <a href="https://www.altcoinbuzz.io/cryptocurrency-news/will-the-crypto-bloodbath-from-this-weekend-continue/" target="_blank" rel="noopener">Monday’s scare.</a></p> 
<p>Amid the escalating Middle East conflict, US stock index futures are showing resilience, rising between 1% and 1.8% on Tuesday. This upward movement indicates investor optimism or a rebound after recent declines. It appears investors have a positive outlook regardless of the brewing Middle East conflict. This is possibly due to confidence in the US market’s ability to weather geopolitical storms.</p> 
<p><img decoding="async" class="wp-image-147554 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvfbghhgj-209x300.jpg" alt="" width="471" height="676" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvfbghhgj-209x300.jpg 209w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvfbghhgj-293x420.jpg 293w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvfbghhgj.jpg 393w" sizes="(max-width: 471px) 100vw, 471px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/JhaRahul_Bihar/status/1820358579611684995" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Interestingly, gold, widely considered a haven, experienced a decline on Monday. However, falling US Treasury bond yields and a weakening US Dollar helped limit its losses. Early Tuesday, the gold price (XAU/USD) held steady slightly above $2,400 per ounce.</p> 
<h5><strong>4) How’s Crypto Reacting?</strong></h5> 
<p>Bitcoin is down 17% in the last 7 days, and Ethereum has suffered a 26% crash in the last week. However, following their steep losses, both cryptocurrencies managed to claw back some of their value on Tuesday. Bitcoin inched back to $56,000. And Ethereum rose as much as 4.6% to the $2,500 zone.</p> 
<figure id="attachment_147541" aria-describedby="caption-attachment-147541" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-147541" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict.jpg" alt="" width="1414" height="736" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict.jpg 1414w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict-300x156.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict-1024x533.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict-768x400.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict-807x420.jpg 807w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict-696x362.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitcoin-Middle-East-conflict-1068x556.jpg 1068w" sizes="(max-width: 1414px) 100vw, 1414px">
 <figcaption id="caption-attachment-147541" class="wp-caption-text">
  Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">Coinmarketcap</a>
 </figcaption>
</figure> 
<p>However, many fear this recovery could be short-term as the global economic uncertainty continues. We advise crypto investors to seriously study the market before making a major commitment. Conversely, this market decline presents a huge opportunity for some to buy crypto at a good entry price.</p> 
<h5><strong>5) Is this World War 3?</strong></h5> 
<p>The Middle East conflict has raised concerns about a potential global conflict. Some believe we could be set for a third world war. US President Joe Biden met with national security experts on Monday amid concerns about Iran’s retaliation.</p> 
<p>The US has already expressed interest in supporting Israel should it be attacked. Furthermore, both the US and the United Kingdom have urged their citizens to leave Lebanon, which has been marked as a hostile zone.</p> 
<figure id="attachment_147542" aria-describedby="caption-attachment-147542" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-147542" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict.jpg" alt="" width="522" height="687" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict.jpg 1080w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict-228x300.jpg 228w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict-778x1024.jpg 778w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict-768x1011.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict-319x420.jpg 319w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict-696x916.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Iran-Middle-East-conflict-1068x1406.jpg 1068w" sizes="(max-width: 522px) 100vw, 522px">
 <figcaption id="caption-attachment-147542" class="wp-caption-text">
  Source: <a href="https://x.com/MsannaPurple/status/1820422278762664235" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<p>On the other hand, Russia has shown strong support for Iran in its conflict with Israel. Sources claim that Russia has moved its Iskander missile systems and Murmansk-BN electronic warfare systems to Iran.</p> 
<p>Reports also claim that Russia’s former Defense Minister and current secretary of the Kremlin’s Security Council, Sergei Shoigu, arrived in Iran to discuss with top security officials. However, Secretary of State Antony Blinken believes the Middle East conflict is more of a regional affair. But we could see a heavy escalation if all parties fail to resolve.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone wp-image-123700 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
<div class="youtube-embed" data-video_id="bO3RfhvGYRU">
 <iframe title="Warning - Be Very Patient for the NEXT 30 Days Crypto Holders" width="696" height="392" src="https://www.youtube.com/embed/bO3RfhvGYRU?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.</p> 
<p>We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.</p> 
<p>Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/middle-east-conflict-and-market-impact-tuesday-august-6/">Middle East Conflict and Market Impact: Tuesday, August 6</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Middle East Conflict and Market Impact: Tuesday, August 6

Altcoin Buzz

Other articles published on Aug 6, 2024

The Tokyo Stock Exchange Jumps 10% After a Crash: Has the Worst Been Avoided?

US Bitcoin and Ether ETFs Hit Nearly $6B in Trading Volume

Crypto Market Recovers As Japan’s Nikkei Stock Index Rises 12%

Over 2,200 Letters Sent to US Senators Supporting Bitcoin Strategic Reserve Proposal

Developer says he hacked Atari’s ‘on-chain game’ to prove a point

Chainlink Falls Below Support: More Trouble Ahead for LINK Investors?

Join our free newsletter for daily crypto updates!