Precise Investors Editorial Team
The world’s largest crypto fell back below the $70,000 level last week as risk appetite remained weak
Bitcoin rose slightly on Monday, steadying after a whipsaw performance over the weekend as traders awaited more cues on the U.S.-Israel war on Iran after a potential escalation.
The world’s largest crypto fell back below the $70,000 level last week as risk appetite remained weak.
Bitcoin gained 1.1% to $67,391.3 by 07:10 GMT.
Markets were now watching for a potential escalation in the Iran war.
Iran has so far largely denied any direct talks with the U.S. since the war began in late-February.
While Bitcoin has fared relatively better than other assets since the onset of the Iran war, it has still struggled to make major headway, with its weekend losses also wiping out a bulk of its gains through March.
Uncertainty over the Iran war has been a key weight on investor appetite for risk-driven assets, as markets fretted over the inflationary effects of high oil prices. Any hawkish moves by central banks across the world to offset energy-fuelled inflation bode poorly for speculative assets such as crypto.
Meanwhile, Strategy Inc, the world’s largest corporate holder of Bitcoin, may not have added to its Bitcoin holdings last week, a report by CoinDesk noted.
Executive Chair Michael Saylor usually signals upcoming purchases in an X post every Sunday, followed by an announcement on Monday. This time, however, Saylor made a post touting Strategy’s preferred equity offerings.
A potential pause in weekly purchases could end a 13-week streak of continued buying by Strategy since late-December, where it accumulated a total 90,831 Bitcoin, CoinDesk reported.
Broader crypto prices rose on Monday, although sentiment towards the sector remained largely weak amid continued risk aversion.
World no. 2 crypto Ether added 2% to $2,045.52, while XRP advanced 1.5% to $1.3536.
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