Bitcoin Holds $65,000 Amid Iran War; Trump Demands Hormuz Reopened
Key Takeaways
- Bitcoin holds around $65,000 as Middle East tensions persist.
- Trump threatens to destroy Iran's energy infrastructure unless Hormuz reopens.
- Oil stays above $100 per barrel amid tensions.
Bitcoin Maintains Support
Bitcoin held a modest 2% daily gain and preserved support around $65,000.
QCP Capital noted Bitcoin had outperformed both gold and major equities since the Iran conflict began.
Crypto trader Michaël van de Poppe described the lower end of Bitcoin's range as an accumulation opportunity.
Trump Demands Hormuz Reopened
Trump demanded the Strait of Hormuz be immediately Open for Business.
He threatened renewed strikes on Iranian energy infrastructure.
A Kuwaiti oil tanker caught fire after an attack they blamed on Iran.
Markets React to Mixed Signals
U.S. stocks struggled to make gains as the week opened.
“Bitcoin held a modest 2% daily gain on Monday as oil stayed above $100 per barrel, with traders watching whether the $65,000 level would give way amid fresh geopolitical pressure from the Iran conflict”
Oil preserved the $100 mark.
Bitcoin jumped 2.2% to approach $68K.
Analysts Warn of Prolonged Impact
Rubio told G7 ministers the war could continue another two to four weeks.
Bitcoin's correlation with equities is higher than with gold or bonds.
Higher oil prices pushing up freight costs and inflation expectations is expected to persist.
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