The global cryptocurrency market has shown resilience in the face of rising tensions in Iran following the death of Ayatollah Ali Khamenei. Despite the escalating crisis, which has disrupted the Middle East and led to a surge in crude oil prices, crypto prices have remained relatively stable.
Market analysts attribute this stability to the fact that market participants had already priced in the risk of conflict before it occurred. This phenomenon is known as 'buying the rumor and selling the news,' where investors buy an asset ahead of a major development and sell it when it happens.
The death of Khamenei has led to a significant increase in the odds of a strike, with many marketplaces pricing in over 70% probability. This had already been factored into crypto prices before the strikes occurred, resulting in a steady market.