Greetings friends!

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Recent crisis in middle east has started making its impact on crypto market. Bitcoin was around $110000 before a week. It is now trading around $ 1000000 which is around almost 10% below its all time high price. Its price even fell down below $100000 during the week. In addition to fear of rising inflation in the USA has also put it into pressure. As US has also entered in war between Iran and Israel, it is likely that this war may escalate. So, it will have a devastating impact on crypto market.

Hive price is already below psychological level of $0.20 and Steem price is below $0.12. We may see a continuous downfall if crisis is not resolved soon. In my view Bitcoin is still strong compared to altcoins. Altcoins are more vulnerable of such negative impacts. It means altcoins are not reliable. They are very volatile and week compared to Bitcoin. Bitcoin touched its all time high price and still near to it while altcoins like Hive and Steem were too far from reaching their all time high.

Even if middle east crisis is resolved soon, fear of inflation and slowdown in the US would not let cryptos to perform well. that's why cryptos are not suited for hedging against financial crises. On the other hand gold is performing really well. But it is also near to its peak. Overall picture of market is not very optimistic. It seems that the world economy has entered the phase from where a big economic crisis may come. That will be disastrous for billions of people living in this world.

Thank you!