Bitcoin firmed on Monday, recovering a measure of recent losses after a renewed Israel-Iran conflict dented risk appetite and briefly pushed the world’s largest crypto to a one-week low.
Broader crypto prices also tracked gains in Bitcoin, recovering a measure of recent losses. But risk appetite remained under pressure from the Israel-Iran conflict, after both sides exchanged a series of devastating strikes over the weekend.
Bitcoin rose 0.5% to $106,581.8 by 01:55 ET (05:55 GMT), after falling as low as $102,000 over the weekend.
Israel-Iran conflict, Fed meeting to drive crypto sentiment this week Crypto markets, which tend to be more sensitive to shifts in sentiment, are expected to remain on the backfoot this week amid few signs of deescalation in the Israel-Iran conflict.
Renewed military action between the two was sparked by Israel attacking several Iranian targets, chiefly the country’s nuclear facilities. Iran decried the attacks and launched a volley of missile strikes against major Israeli targets, including financial capital Tel Aviv.
U.S. President Donald Trump said that efforts were being made to deescalate, but that Israel and Iran may have to “fight it out,” indicating that a ceasefire was far from being struck.
The increased hostilities also saw Iran cancel scheduled nuclear talks with the U.S., raising even more questions over a deescalation.
Beyond geopolitics, traders are also expected to be largely risk-averse before the conclusion of a Federal Reserve meeting on Wednesday. While the central bank is widely expected to keep interest rates unchanged, focus will be squarely on Chair Jerome Powell for more cues on the path of rates.
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Crypto appeared to have contributed heavily to his wealth in the past year, with the president holding assets worth at least $1.6 billion, Reuters said.
Trump’s crypto holdings, while unclear in their exact value, have been heavily criticized for a conflict of interest, given that policy shifts under his administration have greatly supported crypto prices this year.
Trump reported $57.35 million income in token sales at his World Liberty venture.
Crypto price today: upbeat tracking Bitcoin, but still rangebound Broader crypto prices advanced in tandem with Bitcoin, but were still sitting within a recently established trading range as markets remained on edge.
World no.2 crypto Ether rose 2.7% to $2,603.70, while XRP rose 1.3% to $2.1815.
Cardano and Solana rose 2.1% and 6.9%, respectively.
Among meme tokens, Dogecoin added 0.7%, while $TRUMP rose 1.1%.
