Bitcoin drops amid US Iran tensions
Bitcoin's value decreased by 2.6% to approximately $77,180 due to US-Iran tensions and rising US Treasury bond yields, which increased pressure on high-risk assets like cryptocurrencies. This coincided with escalating conflict between the United States and Iran, including attacks on 10 ships in the Strait of Hormuz and Washington's retaliatory sinking of five Iranian oil tankers, prompting a surge in oil prices and raising inflation fears. Additionally, the ten-year bond yields reached their highest level in three years, reinforcing expectations of a possible tightening in Federal Reserve policies, thereby exerting pressure on the cryptocurrency market, which has performed poorly during this cycle of interest rate hikes. Nevertheless, experts believe that Bitcoin has reached its lowest levels and that the price is preparing to initiate a new upward trend within the next two years, supported by an improved regulatory environment for digital currencies.
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