U.S., Iran exchange further strikes; PepsiCo to report - what’s moving markets
Investing.com-- Bitcoin held above $62,000 on Thursday, after sliding in the previous session, as investors assessed renewed U.S.-Iran hostilities that dampened appetite for risk assets.
The world’s largest cryptocurrency last traded 0.6% lower at $62,275.9 by 01:31 ET (05:31 GMT).
Bitcoin rose to as high as $64,600 earlier in the week before paring those gains due to fresh U.S.-Iran tensions.
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Escalating US-Iran conflict weighs on risk appetite
Bitcoin fell more than 2% on Wednesday after U.S. President Donald Trump declared that an interim peace agreement with Iran was "over," triggering broad-based weakness in equities and cryptocurrencies.
The renewed fighting followed fresh U.S. strikes on Iranian targets and retaliatory attacks by Tehran, raising concerns over further disruption to oil supplies through the Strait of Hormuz.
Brent crude climbed toward $79 a barrel, reviving fears of higher inflation and potentially keeping major central banks cautious on interest-rate cuts, a backdrop that has weighed on speculative assets including cryptocurrencies.
Bitcoin has increasingly traded in line with broader risk assets in recent months, making it vulnerable to shifts in geopolitical sentiment. The token briefly slipped below $62,000 after Trump’s remarks before finding support as bargain hunters emerged, though trading volumes remained subdued.
The cryptocurrency market is also awaiting further signals from the Federal Reserve after minutes from its latest policy meeting highlighted concerns that higher energy prices stemming from the Middle East conflict could complicate the inflation outlook.
Crypto-related stocks also came under pressure after Wednesday’s selloff, mirroring weakness in digital assets.
Investors are also monitoring institutional demand through U.S.-listed spot Bitcoin exchange-traded funds, which have become a key driver of price action this year.
Crypto price today: altcoins little changed
Most altcoins were little changed on Thursday amid a cautious mood.
World no.2 crypto Ethereum lost 0.7% to $1,741.92.
World no. 3 crypto XRP edged up 0.3% to $1.0938.
Solana eased 0.6%, while Cardano fell 1%.
Among meme tokens, Dogecoin traded largely flat.
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