Digital Gold vs. Geopolitical Risk: BTC Recovers $68,000 Amid Escalating U.S.-Iran Conflict
TradingKey - Escalating U.S.-Iran tensions spark a surge in safe-haven demand; Bitcoin briefly rebounds above $68,000 as gold prices break through $5,300.
During the early Asian trading session on March 2, cryptocurrencies turned from gains to losses, pulling back by over 1%, with total market capitalization falling to $2.28 trillion. Among them, Bitcoin (BTC) fell 0.76%, Ethereum ( ETH) fell 0.27%, and XRP (XRP) dropped nearly 1%.
Price performance of the top 10 cryptocurrencies by market cap, Source: CoinMarketCap
Yesterday, U.S. and Israeli forces launched airstrikes on Iran, resulting in the death of Iran's Supreme Leader Khamenei. As the U.S.-Iran war officially commenced, the crypto market surged collectively, with Bitcoin briefly breaking above $68,000 and reaching a high of $68,149.
Currently, Iran is gradually initiating retaliatory actions against the U.S. and Israel, but Bitcoin prices have failed to climb further and instead experienced a pullback, primarily because Bitcoin's safe-haven status remains significantly inferior to that of gold (XAUUSD).
Traditional financial markets were closed over the weekend, allowing the crypto market to attract capital inflows and drive a brief rebound in Bitcoin. This Monday, as traditional financial markets opened for trading, safe-haven demand pushed capital toward the gold market. As of press time, spot gold prices jumped over 1.5%, decisively breaking through $5,300 per ounce, marking a new high since January 30 this year.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
