Bitcoin Surges Above $64K Amid US-Iran Tensions
Bitcoin's price recovered above $64,000 on Monday as investors responded to rising geopolitical tensions between the US and Iran. The cryptocurrency gained more than 2% during trading hours, rebounding from last week's close.
The recovery came amidst a decline in US equities, with the S&P 500 falling around 0.5% from its record high on Thursday. Markets reacted to renewed uncertainty surrounding the expiration of a 60-day US-Iran ceasefire.
Gold prices also climbed, increasing by more than 1% at the start of the week and reaching around $4,427 per ounce. Gold-backed exchange-traded funds have attracted significant investment, with data showing that the 30-day change in inflows into gold ETFs approached $12 billion through August 13.
Despite Bitcoin's rebound, derivatives market data points to increasing bullish positioning among traders. Funding rates reached 0.022 on August 14, their highest level in around 20 months, according to CryptoQuant data.