Bitcoin Rebounds to $64K Amid US-Iran Tensions
Bitcoin's price rebounded to $64,000 on Monday after a week of volatility, as US stocks gave way to gold. The digital currency gained over 2% in value, according to data from TradingView.
The move comes despite rising tensions between the US and Iran, which escalated to Oman when President Donald Trump threatened military action against the country if it got in the way of oil shipments through the Strait of Hormuz. Oil markets remained relatively calm, with WTI crude trading at $82.35 per barrel.
Gold, often seen as a safe-haven asset, gained 1% to reach a daily high of $4,427 per ounce. Bank of America strategist Michael Hartnett noted that long gold remains the trade, citing its ability to hedge against dollar debasement and other macroeconomic risks.
Data from CryptoQuant showed Bitcoin's funding rates hit 20-month highs of 0.022 last week, indicating a crowded long position in the market.