Cryptocurrencies defy war chaos as bitcoin rebounds

Cryptocurrencies have defied expectations and actually rallied amidst the turmoil in the Middle East, shaking off months of heavy selling as investors start to view digital coins as a safer asset than gold.

Equities have been heavily sold off since the Israel and US first struck Iran in late February on concern that a soaring oil price from the effective closure of the Strait of Hormuz will send inflation soaring. At the same time, gold has plunged as investors took profits to cover big losses in the sharemarket.