Iran Tensions Spark Bitcoin Surge Amid Oil Price Spike
Bitcoin surged 1.6% to $79,742 as tensions escalated between the US and Iran following missile strikes on American bases in Jordan. The largest cryptocurrency was recently trading near $79,000.
The rise in Bitcoin's price coincided with a significant increase in Brent crude prices, which topped $100 a barrel for the first time since July.
Despite the risk-off backdrop in other markets, where the Stoxx Europe 600 fell 0.5% and the Dow Jones Industrial Average declined by 1.2%, Bitcoin's price remained stable.
The US spot bitcoin ETFs saw a net outflow of $46.65 million on Tuesday, following inflows of $174.6 million on Friday.
Derivatives positioning showed that the taker buy-sell volume ratio has flipped to neutral, and the buildup of short positions has been unwound.