Bitcoin rises after Trump points to delay in Iran strikes
The cryptocurrency is up as much as 4.8% at around US$70,200
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[LONDON] Bitcoin rose with Treasuries and stock futures after US President Donald Trump said that he would postpone strikes on Iranian energy power plants and energy infrastructure for five days.
The biggest cryptocurrency advanced as much as 4.8 per cent to around US$70,200 early Monday (Mar 23) morning in New York. Smaller tokens, including Ether and Solana, also rose.
Bitcoin had earlier been fluctuating around a two-week low, sliding as far as US$67,371 – its lowest level since Mar 9 – in Asia trading.
The token has been volatile since the conflict in Iran began in late February, at one point jumping to a high of nearly US$76,000 before tumbling as tensions in the region escalated.
Stocks and bonds rebounded after Trump’s comments that the US and Iran had “very good” conversations about an end to the war. Futures for the S&P 500 rose nearly 3 per cent, while Brent was down almost 7 per cent at US$103 a barrel.
Flows that had been supporting Bitcoin’s price over the last fortnight weakened going into Monday, with inflows into US exchange-traded funds tied to the crypto turning negative.
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In a note on Monday, analysts on Laser Digital’s derivatives trading desk said a potential catalyst to stabilise the markets for now “would be some sort of de‑escalation in the Middle East, or at minimum, a resumption of normal traffic through the Strait of Hormuz”.
“This could set off a chain of oil price stabilisation, followed by rate consolidation and improved risk sentiment. Minus this, crypto markets are likely to stay heavy.” BLOOMBERG
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