Despite recent events related to the Israel-Iran conflict, Bitcoin's price remains relatively stable. However, experts warn of potential short-term risks.
Impact of the Situation in Iran on Bitcoin
Coin Bureau founder and market analyst Nic Puckrin noted that Bitcoin's price could experience significant corrections in the short term if Iran closes the Strait of Hormuz—a critical oil shipping route. This event could negatively impact all risk-on assets. Puckrin stressed that "the biggest risk is if Iran were to close the Strait of Hormuz, which ferries nearly 20% of the world’s oil supply."
Long-term Bitcoin Holders Continue Accumulating
According to CryptoQuant analyst Burak Kesmeci, long-term Bitcoin holders are continuing to accumulate the asset despite rising geopolitical tensions. He reported that accumulation addresses, defined as wallets that have never sold a single Satoshi and have been active over the last seven years, recorded an inflow of 30,784 BTC, valued at roughly $3.3 billion as of June 11.
General Overview of the Current Cryptocurrency Market
Despite current geopolitical risks, the long-term outlook for Bitcoin remains optimistic due to the declining value of the US dollar, which just hit its lowest level in three years. This could indicate potential price growth for Bitcoin in the future.
The current situation in the Bitcoin and cryptocurrency market reflects complex interrelations between global events and macroeconomic factors. Investors continue to closely monitor the developments.
