Bitcoin Holds Steady as Global Markets Reel from US-Iran Conflict
The escalating conflict between the US and Iran has sent shockwaves through global markets, but Bitcoin has remained relatively steady.
On July 30, CoinDesk reported that Bitcoin traded near $63,915, showing little change despite a sharp geopolitical risk reaction across oil and U.S. equities.
The relative steadiness of Bitcoin was notable compared to the extreme moves seen in other markets. Oil surged about 8% overnight, while U.S. stocks fell. However, roughly $286 million in cryptocurrency positions were liquidated over 24 hours, indicating that leveraged crypto traders still faced substantial stress.
The US Central Command had carried out a wave of strikes against Iran in response to Iranian ballistic-missile attacks on U.S. forces. The conflict has put the market focus on the risk that hostilities could restrict the movement of energy supplies, which could rapidly feed into crude prices and broader risk sentiment.