Recent events between the US and Iran have had a significant impact on the cryptocurrency market, particularly on Bitcoin.
Impact of Conflict on Bitcoin Market
The situation in the Bitcoin market worsened after the US became involved in tensions with Iran. The price of Bitcoin (BTC) fell below the psychologically significant level of $100,000, raising concerns among investors.
Market Stabilization Factors
Despite Iran's threats to close the Strait of Hormuz, potentially disrupting global oil flows, Bitcoin's price rebounded above $100,000. Analysts from QCP Capital noted that this sell-off represented the lowest print since breaking this level on May 8. It is expected that the likelihood of a major conflict between the US and Iran is currently limited, which provides the market with stability.
Key Events This Week
QCP Capital highlighted key events that could influence the market: June 24 - Fed Chair Powell's Speech, June 25 - Fed Chair Powell's Speech, June 26 - US GDP and Unemployment Data, June 27 - US Core PCE Data.
At present, the Bitcoin market is at a critical juncture, balancing risk-taking behavior and safe-haven demand amid geopolitical uncertainty.
