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Something has to cause rapid demand and supply in any market, in cryptocurrency it has become clear that wars by notable countries can cause dip, it's a fact that has been established.
The law of supply and demand is still undisputed that it is something that makes the market act even though the ups and downs are driven by other factors such as war.
My happiness is that Bitcoin always recovers after every dip unlike altcoins that most of them don't have any potentials to reach ATH when they dump. Besides war many weakhands reacts negatively to FUD they will panic and sell while wise investors will leverage on the dip to accumulate, this has always been how it goes.
The Bitcoin market has always reacted better than other markets and while the market response for Bitcoin has been positive, the response for altcoins has been somewhat different. This is one of the things that certainly makes investors prefer Bitcoin over altcoins.
Investors with the typical panic selling seems to have started to decrease based on the situation and market conditions so far. Maybe some think that during the war prices will fall but this is not.