Bitcoin price remained above $70,000 on Saturday – despite its 24-hour decline – as the US continued to bomb Iran.
Prices were boosted by net inflows into U.S. exchange-traded funds for the week: U.S. investors dumped more than $763 million in cash into investment vehicles, according to Farside Investors, the highest amount since January.
According to CoinGecko, Bitcoin was recently trading at $70,768, down 4% in the last day.
Over the past week, the leading cryptocurrency has gained 4% and is up 12% after hitting a low of $63,177 on the day of the US-Israeli attack on Iran.
Dangerous environment?
Experts said DL News that the price of bitcoin and other major coins will be affected by the Iran war.
But the leading cryptocurrency is experiencing growth and a lower correlation with other risky assets – at least for now.
U.S. stocks were lower on Friday, with the S&P 500 hitting its lowest this year as oil prices rose.
According to Diana Pires, Chief Trading Officer of sFOX, Bitcoin has been correlated with the stock market in recent months, but this week it seems to have broken free in a “rare break away from traditional risk assets”.
The growth of Iran
Crypto held steady despite Iran’s war: President Donald Trump threatened that the worst would come on Friday, and the US military struck sites on Kharag Island, where Iran exports almost all of its oil, overnight.
The US president said that the oil infrastructure was not damaged and warned Iran not to interfere in the Strait of Hormuz – the route of about a quarter of the world’s liquefied natural gas.
Experts have previously warned that the rise in oil prices could lead to a fall in crypto prices. However, despite the rise in oil prices, Bitcoin seems to be relatively unscathed.
Crypto Market Carriers
- Bitcoin traded at $70,768 per coin on Saturday, down 4% over the previous day.
- Ethereum price reached $2,074, also down 4%.
What we read
- Court dispatcher: MEV brothers refer to Eisenberg’s acquittal in meritorious trial – DL News
- Libra Scandal: Forensic experts link Javier Maile’s messages to memecoin promoters minutes before launch – DL News
- AI payments debate → both sides are wrong – milky way
- Toxic pollution from the Iran war is spreading and will continue for decades – Bloomberg
Matthew Di Salvo is a reporter for DL News. Do you have any advice? Email at (email protected).
