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The price of Bitcoin has risen by around $3,000 since the start of the U.S. attack on Venezuela, but more volatility is expected today as developments unfold and some markets resume trading.
After falling for the first time following a shock in the capital Caracas, Bitcoin prices quickly rebounded and resumed their gains, touching around $91,800, the currency’s highest level since December 12.
As a result, the currency achieved a gain of around three thousand dollars from the lowest to the highest levels during the attack, before falling back slightly to around $91,300 at the time of preparing this article.
Meanwhile, most digital currencies are moving in the green zone, with the market being one of the few open over the weekend.
Some digital symbols associated with the U.S. president were also among the most notable winners, with the price of WLFI rising by about 14%, while the price of the digital currency TRUMP rose by nearly 7%.
Given the impact of the attack and Trump’s statement that the United States will temporarily take over management of Venezuela’s oil industry, analysts expect further market volatility at 6:00 pm East Coast time on Sunday, which coincides with the opening of oil futures trading in some markets.
“Corbesi Letter” reported that Venezuela has more than 300 billion barrels of oil reserves and is said to be controlled by the United States.
Assuming a price of $57 per barrel, the total value of these reserves is approximately $17.3 trillion.
Even if the oil were sold at half the market price, the estimated value of about $8.7 trillion would exceed the gross domestic product of all countries in the world except China and the United States, analysts added.
As a result, they stressed that many were unaware of the extent of the shift that had occurred and warned that volatility would persist as financial markets, particularly oil, resume trading.
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