According to Fox News, Cardinals from around the world have convened at St Peter's Basilica in Vatican City to begin the secretive conclave for electing a new pope (Source: Fox News, May 7, 2025). While the conclave itself is a religious event, historical analysis shows that periods of major global leadership transitions can trigger short-term shifts in investor sentiment, including in the cryptocurrency market. Traders may observe increased volatility or defensive positioning in Bitcoin and major altcoins as global markets react to potential policy changes or shifts in international relations following the announcement of a new pope. Crypto traders should monitor news flows and sentiment indicators closely during this period.