Cryptocurrency Market Volatility Amid Middle East Tensions

The cryptocurrency market experienced significant losses on Wednesday due to escalating tensions in the Middle East, which raised concerns about oil prices and geopolitical stability. The US dollar gained strength as investors sought safe-haven assets, leading to a decline in Bitcoin and Ethereum.

India's LNG imports surged despite high prices, driven by extreme weather conditions and a lack of sufficient storage capacity to support its solar boom. The country's electricity demand reached record highs, forcing the activation of gas-fired power generation, which is currently uneconomic due to Asian gas prices being near $18 per million British thermal units.

Copper prices continued to climb, approaching record highs as supply pressures emerged across the global market. Analysts predict that copper will reach $15,000 per metric ton within the next year, driven by the expansion of artificial intelligence applications and the global energy transition. The development of new copper mines is a lengthy process, typically taking more than a decade, which exacerbates supply shortages.