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Bitcoin Falls Below $76K Amid Tensions Around Iran
Bitcoin fell below the $76,000 mark on Wednesday, as renewed geopolitical tensions in the Middle East and significant outflows from exchange-traded funds (ETFs) put pressure on the cryptocurrency market — even despite gains in technology stocks on Wall Street and in Asia.
The world’s largest cryptocurrency was trading down 1.5% at $75,730.5 as of 06:33 GMT.
Market sentiment worsened amid increased uncertainty over a possible peace agreement with Iran after new US military strikes on Iranian targets earlier this week.
Iran regarded the strikes as a violation of the ceasefire, while US officials described them as defensive actions.
Reports of Israeli strikes in southern Lebanon became an additional negative factor, intensifying concerns about a widening regional conflict.
Pressure on the Crypto Market from Institutional Sellers
According to available data, a major block seller sold $1.3 billion worth of shares in BlackRock’s iShares Bitcoin Trust ETF, known as IBIT, through a dark-pool trading venue — coinciding with Bitcoin’s latest sharp decline.
Spot Bitcoin ETFs have also recorded steady outflows in recent sessions, as investors remain cautious after several weeks of volatile trading and rising geopolitical risks.
The weakness in cryptocurrencies contrasts with the broader equity market. The technology-heavy Nasdaq and the S&P 500 closed at record highs the previous day, as investors bet on sustained demand in the artificial intelligence sector.
Shares of Asian technology companies also rose on optimism surrounding the AI sector.
The market’s attention now turns to Thursday’s release of US Personal Consumption Expenditures (PCE) index data — the Federal Reserve’s preferred inflation gauge.
Interest-rate futures currently indicate only a limited probability of a rate cut this year, while traders have begun pricing in even a modest chance of another Fed rate hike if inflation remains stubbornly high and oil prices continue to rise because of Middle East tensions.
High interest rates generally put pressure on cryptocurrencies by reducing liquidity and making reliable fixed-income assets more attractive than speculative investments.
Crypto Prices Today: Altcoins Continue to Decline
Most altcoins fell on Thursday, extending their decline alongside Bitcoin.
Ethereum, the second-largest cryptocurrency by market capitalisation, lost 1.2% and traded at $2,077.92.
XRP, the third-largest cryptocurrency, fell by 1.2% to $1.33.
Solana, Cardano and Polygon each lost 0.7%.
Among meme tokens, Dogecoin traded with no significant changes.
See also: "Deutsche Bank Platform Wants to Launch a Swedish Krona-Backed Stablecoin"
