Bitcoin started the new year on a weak note and looked to be losing ground. However, the news of the killing of Iran’s General Qasem Soleimani, in an airstrike ordered by the US President Donald Trump, caused a reversal in Bitcoin’s price. This shows that the market participants have again turned to cryptocurrencies in times of uncertainty and escalating geopolitical tensions.
In other news, Antoni Trenchev, the head of decentralized finance (DeFi) platform Nexo.io, said that Bitcoin is a unique asset which is uncorrelated to the overall market. Trenchev said it is entirely possible that Bitcoin price reaches $50,000 in 2020. Trenchev said that the only thing that had come close to Bitcoin’s performance was “the rise of the US dollar against the (German papiermark) in the 1920s.”