Donald Trump · Iran · Strait of Hormuz · Fortune Technology
Bitcoin slides with risk assets as Trump’s Iran ultimatum looms
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Bitcoin slipped as cryptocurrencies were swept up in broader market volatility after a series of attacks on Iran’s infrastructure as President Donald Trump’s key ceasefire deadline approaches.
Key facts
- U.S.-listed spot Bitcoin exchange-traded drew $471.3 million in net inflows Monday, building on $22.3 million last week—a sharp reversal from nearly $300 million in outflows the week prior
- Bitcoin has been stuck in a range between roughly $60,000 and $75,000 since the conflict in Iran began in late February, at one point jumping to a high of nearly $76,000 before tumbling
- The decline erased gains from the previous day, when Bitcoin briefly topped $70,000 for the first time since March
- For much of the past two weeks, the token traded below $70,000
Summary
The largest cryptocurrency fell as much as 2.5% before paring some losses in New York trading. Stocks retreated ahead of a Tuesday deadline set by Trump, who threatened to bomb civilian infrastructure in Iran unless the Strait of Hormuz was opened. “Cryptocurrencies remain in suspended animation, moving sideways over the last month,” said Chris Beauchamp, chief market analyst at investing and trading platform IG. Escalation risks in the war with Iran have largely kept investors on the sidelines after it was reported that Iran had rejected a ceasefire proposal.