Is Bitcoin Becoming a Macro Asset? BTC Trades in Tandem With Gold & Oil

Around five or six hours ago, it was revealed that Iran attacked a base with U.S. troops. While it was later confirmed that no American troops were affected by the rocket attack, the world’s markets jumped on the news.

Specifically, the futures for the U.S. stock market, namely the S&P 500 and Dow futures, dropped by over a percent, and gold and oil jumped by 2% and 4%, respectively, with the former of the aforementioned hitting a multi-year high.

The idea here being that this attack should exacerbate tensions in the Middle East, creating a bullish catalyst for gold, a “safe-haven investment,” and oil, which is a big export of the region.

Interestingly, Bitcoin entered the fold.

As noted by Luke Martin, a prominent cryptocurrency trader, and Ikigai’s Travis Kling, Bitcoin moved in tandem with gold and oil in the wake of the attack, seemingly rallying at the exact same time as the macro assets. While the magnitude of the assets’ moves was…