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Bitcoin rises to $67K amid escalation of Iran conflict
Bitcoin edged higher on Monday, stabilizing after sharp weekend swings as traders awaited new signals regarding the U.S. and Israel conflict with Iran following potential escalation involving the Houthis.
The world’s largest cryptocurrency had fallen below $70,000 last week as risk appetite remained weak, while uncertainty over key U.S. regulation also weighed on markets.
Bitcoin rose 1.1% to $67,391.3 as of 08:10 GMT.
Iran escalation in focus after Houthi attack on Israel
Markets are now watching for potential escalation in the Iran conflict, particularly after the Iran-backed Houthi group based in Yemen launched missile strikes against Israel over the weekend.
Houthi involvement could open a new front in the war, especially given their ability to strike in the Red Sea.
Separately, U.S. President Donald Trump said talks with Iran were progressing well and that a ceasefire could be near, although he did not provide a clear timeline.
Trump also stated that Iran allowed 20 oil tankers to pass through the Strait of Hormuz as a concession to the United States.
Iran has largely denied any direct talks with the U.S. since the conflict began in late February. Over the weekend, Tehran accused Washington of planning a ground invasion after deploying thousands of troops in the Middle East.
Although Bitcoin has performed relatively better than other assets since the Iran conflict began, it is still struggling to make significant gains, and weekend losses erased much of its March upside.
Uncertainty around the Iran conflict remains a key factor limiting investor appetite for risk assets, as markets worry about the inflationary impact of high oil prices. Any aggressive action by global central banks to counter energy-driven inflation tends to negatively affect speculative assets such as cryptocurrencies.
Strategy may skip Bitcoin purchase for the first time since December
Strategy (NASDAQ:MSTR), the world’s largest corporate holder of Bitcoin, may not have added to its Bitcoin reserves last week, according to a CoinDesk report.
Executive Chairman Michael Saylor typically signals upcoming purchases in a Sunday post on X, followed by an announcement on Monday. This time, however, he posted about Strategy’s preferred shares instead.
The potential pause could break a 13-week streak of continuous purchases since late December, during which the company accumulated a total of 90,831 BTC, according to CoinDesk.
Crypto market today: altcoins rise with Bitcoin but sentiment remains weak
Cryptocurrency prices generally moved higher on Monday, although sentiment across the sector remained largely weak amid continued risk aversion.
The world’s second-largest cryptocurrency, Ether, rose 2% to $2,045.52, while XRP gained 1.5% to $1.3536.
Solana, Cardano, and BNB rose between 0.4% and 1.3%.
Among memecoins, Dogecoin gained 1.8%, while $TRUMP rose 1.9%.
See also: "Donald Trump and his team carried out major sales of the TRUMP memecoin!"
