Bitcoin fell on Monday, remaining on the backfoot after logging sharp weekend losses as U.S. strikes against Iran’s nuclear infrastructure ramped up concerns over a greater escalation in the Middle Eastern conflict.
Bitcoin fell 1.3% to $101,501.8 by 01:35 ET (05:35 GMT), having fallen as low as $99,000 on Sunday. Weekend losses saw the world’s biggest cryptocurrency break below a $103,000 to $108,000 trading range seen through most of June, although it managed to hold the $100,000 level.
Broader crypto prices also retreated, as traders pivoted largely into the dollar for safe haven.
US attacks Iran nuclear sites, Tehran’s response awaited The U.S. over the weekend attacked three key Iranian nuclear sites, with President Donald Trump claiming that the sites had been wiped out.
But Trump’s claims could not be immediately verified. The United Nations’ nuclear watchdog also said there was no immediate increase in radiation levels around the facilities.
Still, Tehran decried the attacks, and warned of dire retaliation. Media reports said Iran could block the Strait of Hormuz, a key shipping channel for Asia and Europe, which could cause economic disruption in the regions.
The strait is especially used to ship oil, with crude prices rising sharply on Monday in response to the attack. Higher oil prices also pushed up concerns over energy-driven inflation, which could in turn keep global interest rates steady for longer.
While crypto is not directly affected by economic ructions, it is vulnerable to shifts in sentiment due to its speculative nature. Hawkish comments from the Federal Reserve had also pressured crypto markets last week, as markets feared that U.S. interest rates will remain higher for longer.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Crypto price today: altcoins track Bitcoin weakness, more Fed cues awaited Broader crypto prices largely tracked Bitcoin’s losses, as risk appetite remained fragile. Focus this week is also on more cues from the Fed, with Chair Jerome Powell set to testify before Congress starting from Tuesday.
World no.2 crypto Ether fell 1.9% to $2,247.59, while XRP fell 2.5% to $2.0299.
Cardano and Solana fell more than 1% each.
Among meme tokens, Dogecoin fell 1.3%, while $TRUMP fell 1.6% to $8.706.
