Bitcoin reaches $73,000, a nearly one-month high, while Wall Street remains unsettled due to the Iran conflict. Pantera Capital’s Cosmo Jiang explained this in an interview with CNBC.
After the October sell-off and subsequent months of adjustment, Bitcoin is now in a severely oversold position relative to its long-term trend and solid fundamentals. During this period, gold, silver, and speculative retail stocks have been in the spotlight, and Bitcoin has been forgotten by the market. Now, with other assets tightening and previous lagging behind, the reversal momentum is beginning to emerge.
The more fundamental reason is that Bitcoin and digital assets have always been borderless, non-sovereign safe-haven assets. When geopolitical conflicts occur, blockchain is almost unaffected — this is precisely why investors are refocusing and seeing now as a good entry point.
At the same time, there has been a surge in risk-averse actions in the market, with software stocks falling and experiencing a sharp correction yesterday. Bitcoin’s rise usually indicates a risk appetite mode, but these two signals are currently showing a clear contradiction.
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