How the US-Iran war pushed Bitcoin to new highs since November 2019?

• The stock market bleeds as Bitcoin, gold and oil grow in value in the wake of Iran’s strike at the US airbases.
• Bitcoin stays above $8,000 after testing the $8,400 region; bulls shift focus to $8,800.

Fear and tension have been growing across the world with the United States and Iran on the verge of getting into a fierce war. Bitcoin price rallied to highs not achieved since November within the hours Iran retaliated by launching attacks against a couple of US airbases. The retaliations come after the United States government killed the Iranian General Qasem Soleimani.

The largest cryptocurrencies blasted above $8,000 and hit highs of $8,464. The escalating tension is propping Bitcoin for a mega upsurge as investors seek a safe haven in BTC to hedge against the tension gripped financial and stock markets.

The US President Donald Trump has assured the American citizens that “all is well” amid a dozen ballistic missiles launched at Iraqi military bases as well as the US house troops. The attacks have been confirmed as revenge for the murder of Soleiman.

All is well! Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties & damages taking place now. So far, so good! We have the most powerful and well equipped military anywhere in the world, by far! I will be making a statement tomorrow morning.

— Donald J. Trump (@realDonaldTrump) January 8, 2020

Read more: Markets are scared by Iran-US standoff, will Bitcoin capitalize?

Interestingly, it is not just Bitcoin that grew in value but gold and oil also reacted positively. These three assets have in recent times been used as safe havens amid geopolitical tensions. Meanwhile, while the safe-haven assets spiked in gains, the US stock futures spiraled in the wake of the attack.

Bitcoin price update

Bitcoin is teetering at $8,315 after a shallow correction from the support formed at $8,150. The upside is still capped at $8,500. However, the bulls have shifted their attention to $8,800 and hope to capitalize on the dispute between the US and Iran.

Related content: Bitcoin jumps amid US-Iran tensions escalation – safe-haven narrative or coincidence?

BTC/USD 4-hour chart