Bitcoin Holds Steady Amid Middle East Tensions

Bitcoin is stuck in a range of $60,000 to $65,000 since June 30. It has hovered around $65,000 as investors assess corporate earnings and rising tensions in the Middle East.

The Strait of Hormuz waterway near Iran remains closed to commercial ships due to escalating conflicts between Iran-linked Houthis and Saudi Arabia. This uncertainty is affecting oil prices, with Brent crude trading at $81.75 per barrel on August 7.

Treasury yields have corrected slightly this week but remain elevated at 4.67% for the 10-year bond. Gold, seen as a safe-haven asset, has risen and is on track to post its best week since January 2023.