Bitcoin Suffers as US-Iran Tensions Escalate
Bitcoin's price remains under pressure, trading below $78,200 on Thursday after declining nearly 3% this week. Weakening institutional demand and escalating geopolitical tensions between the US and Iran are contributing to the decline.
Institutional demand for Bitcoin is showing signs of caution, with spot Exchange Traded Funds (ETFs) recording a $120.24 million outflow on Wednesday, following a $46.65 million outflow the previous day.
Geopolitical tensions near the Strait of Hormuz are adding to concerns about a prolonged disruption to oil supplies from the Middle East and supporting black liquid prices, with West Texas Intermediate (WTI) gaining over 5% this week.