Geopolitical tensions in the Middle East are escalating, sending shock waves through global financial markets. Interest in safe-haven assets and alternative stores of value is rising again, putting bitcoin (BTC) in the spotlight.

On March 15 local time, blockchain outlet Cryptopolitan reported bitcoin has seen a short-term correction after a sharp rally, but has room to rise further as the likelihood of short-position liquidations increases. Bitcoin was at $70,604.01, down 3.2 percent over 24 hours, and its market value was estimated at $1.41 trillion.

In particular, many short positions have formed above $73,000. According to @EtherGuru08, "If BTC rises by $3,000 from the current level, there is a possibility that more than $1 billion in short positions will be liquidated," it said in its analysis. This is expected to act as a factor that could trigger a short-term short squeeze.

Utility-based cryptocurrencies such as Remittix (RTX) are also drawing attention. Remittix is building a 'PayFi' ecosystem that combines traditional finance and blockchain, and is being evaluated as a project that provides practical value. It is trading at $0.13 and has secured $29.7 million in funding. The Remittix wallet is available on Apple's App Store, and an Android version is due to be released soon.

If the Middle East war drags on, bitcoin is likely to further strengthen its value as a safe-haven asset. As cryptocurrencies linked to the real economy emerge as new investment alternatives, claims are gaining traction that projects such as Remittix will draw market attention.