The crypto markets continue to respond to the events happening in the United States-Iran conflict. Any sign of escalating tensions is boosting the crypto markets higher. Google (NASDAQ:GOOGL) Trends shows that the searches for terms “Bitcoin” and “Bitcoin Iran” have surged in the past few days. This shows that investors are considering Bitcoin as a safe haven asset, similar to gold.
A report released by analytics firm SFOX showed that Bitcoin had a very low correlation with traditional assets such as gold and stocks in the second half of 2019. This made it an attractive hedge in a portfolio. The report also observed that Bitcoin’s volatility in 2019 was lower than the previous year but still, it remained high compared to other asset classes.