Bitcoin price news: BTC rises to $68,000 as traditional markets tumble
Bitcoin held relatively steady at $68,000 while global stock and precious metal markets plunged amid escalating Iran war fears.Summary
Amid heightened geopolitical tensions stemming from a new Middle East war, traditional markets experienced significant sell-offs, with the Nasdaq down 2.5% and the S&P 500 down 2.3%. European markets fared worse, and precious metals like gold, silver, and platinum tumbled sharply, though WTI crude oil surged 8% to $77 per barrel.
In contrast, the cryptocurrency market showed relative strength, with Bitcoin trading at $68,000, only down 1% over 24 hours and up from its daily lows. Ether, Solana, and XRP also showed resilience. Crypto-related stocks, however, remained under pressure, with shares of Robinhood and Coinbase declining.
James Butterfill of CoinShares noted that Bitcoin, as a liquid asset trading on weekends, historically absorbs shocks. He observed that this time, Bitcoin gained despite instability, suggesting positioning has adjusted compared to previous episodes, as evidenced by the absence of significant liquidations despite rising yields and geopolitical tensions.
(Source：CoinDesk)