Oil and gas push down everything, Bitcoin defends $70,000 level

An attack by Israel and the United States on Iran led to a retaliatory action from Tehran, which shelled the major Ras Laffan’s gas installations in Qatar. This, in turn, caused an immediate spike in gas and oil prices, pushing just about everything down yesterday: stocks, gold, and crypto alike plummeted.

Bitcoin was once again trading below the psychologically important level of $70,000 and is falling along with almost every possible investment opportunity. Only oil seems to be escaping the decline.

At the time of writing, Bitcoin is trading at $70,700 again.

Brent

The Brent oil price fluctuated around $112 per barrel after Iran, in retaliation for Israel’s attack on the South Pars gas field, attacked power installations in the Middle East.

In the US, strategic reserves were released, causing the US benchmark to trade at the largest discount relative to Brent in 11 years.

Crypto took a hit along with the stock markets, and Bitcoin does not appear, at first glance, willing to trade above $75,000 again unless the war comes to a swift end.

Gold also fell as investors cashed in their profits from the past few months now that virtually all investment opportunities seem to have been exhausted.

Meanwhile, the Federal Reserve is warning of higher inflation.

Many are wondering when Trump will feel his ‘objectives’ have been achieved as it is clear there is no swift end to this conflict.