Bitcoin price unaffected by Israel-Iran conflict

Bitcoin price unaffected by Israel-Iran conflict

Iran’s recent attack on Israel has caused turmoil in the Bitcoin market. Despite the escalation of the conflict, the price of Bitcoin on the Bitstamp trading platform remained stable at just under $67,000, slightly below Friday's level. This came after the Iranian army attacked Israeli targets with around 300 missiles and drones, which was successfully repelled by Israel. Support for Israel from the United States, Britain, France and Jordan hints at a possible military response, prompting global warnings of a worsening conflict.

However, experts warn against underestimating the development of the Bitcoin price, as tensions continue to exist despite the current easing. Market analysts such as Timo Emden of Emden Research emphasize the uncertainty and potential impact of geopolitical events on the cryptocurrency market. Bitcoin's recovery movement is therefore on unstable “foots of clay” as investors wait for the reactions in the coming week and the duration of political uncertainties.

In addition to the geopolitical uncertainties, the market disruption also points to fears of a possible interest rate turnaround in the US. If the conflict escalates further, the Bitcoin price could fall below the psychologically important $60,000 mark. Analysts also highlight the upcoming effect of the Bitcoin halving, where the reward for mining new Bitcoins is halved, which has historically caused prices to rise as supply grows more slowly.