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Iran tensions

Iran crisis triggers surge in cryptocurrencies

Migrant workers and investors turn to "digital gold" as financial conduit and safe haven

Cryptocurrencies are viewed with suspicion by some, but they also provide a way for honest savers to safeguard assets in a crisis. (Photo by Akira Takemura)

TOKYO/HONG KONG -- If the muted market reaction to escalating tensions in the Middle East can be taken as a sign of investor complacency about the risks of a full-scale war between the U.S. and Iran, that has not been the case for cryptocurrencies.

Wall Street closed up on Monday evening, while on Tuesday morning Asian shares rebounded, oil prices slipped back from the highs they reached at the start of the week and gold retreated after it earlier reached a seven-year peak.

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