SAEDNEWS: On Tuesday, Bitcoin’s price dropped, along with other risk assets, in response to the escalating rhetoric from U.S. President Donald Trump against Iran.
According to Saed News Digital Currency Service, citing ISNA, the world’s largest cryptocurrency dropped 2.2%, trading at around $68,460. This decline erased the previous day’s gains, which had lifted Bitcoin above $70,000 for the first time since March. Other cryptocurrencies also fell, with Ether, the second most popular crypto, dropping as much as 2.8%.
Global stocks showed mixed movements during today’s trading session. Futures for the S&P 500 fell about 0.4%.
Rachel Lucas, an analyst at BTC Markets, said, “Sentiment toward Bitcoin in the short to medium term remains bearish.” She added that the market is in a wait-and-see mode, as buyers lack confidence to sustain an uptrend, while sellers are unable to trigger a decisive breakout.
Escalating war risks have kept investors largely on the sidelines. Since the conflict began, oil prices have risen. Brent crude gained on Tuesday, adding to an almost 50% increase since the start of the U.S.-Israeli aggression against Iran on February 28. Gold remained largely steady today but has fallen more than 10% since the war began.
Bitcoin has shown relative resilience, with signs of easing institutional selling pressure. Bitcoin investment funds listed on U.S. exchanges saw a net inflow of $471.3 million on Monday, adding to a $22.3 million inflow last week.
Bloomberg reports that since early March, Bitcoin has largely traded in a range between $65,000 and $75,000. Cryptocurrency trading has been weak since last October’s sharp sell-off. Traders are now watching for the end of the war and the introduction of new U.S. cryptocurrency regulations, which could potentially boost digital assets.
