Bitcoin Price Returns to $70K Despite Growing Tension in the Middle East: Your Weekly Crypto Recap

This time last Friday, the tension was building in the Middle Eastern region, but only a handful of people could have predicted how the world would change just hours later. On Saturday morning, Israel and the USA joined forces to launch a military operation against Iran, which began with air strikes. Iran retaliated and continues to do so as the week progressed, even though its Supreme Leader was killed during the first day of the attacks. Since then, the developments on the matter have quickly escalated, with almost a dozen countries already being directly involved, while essentially every nation has felt the consequences in one form or another, especially after the Strait of Hormuz was closed and energy prices skyrocketed. Amid all of this massive geopolitical tension, which began on an off-day for every other financial market aside from crypto, bitcoin’s price has remained stable overall. Well, that’s after the initial Saturday shock when it tumbled by $4,000 to $63,000. It quickly rebounded, recovered all losses, and even headed to new local peaks during the business week. Although there’s no evidence that this war could end soon, BTC surged by $11,000 from its Saturday low to $74,000 on Wednesday. However, it faced an immediate rejection there and now trades around $70,000. This is still roughly 5.5% higher than its price level last week, which is rather surprising given the surging uncertainty. Only a few larger-cap alts have performed better during this timeframe, including HYPE, NEAR, SKY, and MNT. In contrast, ADA, CC, BCH, SHIB, WLFI, and DOT are deep in the red. Market Data Cryptocurrency Market Overview Weekly Mar 6. Source: QuantifyCrypto Market Cap: $2.46T | 24H Vol: $108B | BTC Dominance: 56.9% BTC: $70,000 (+5.6%) | ETH: $2,050(+4.4%) | XRP: $1.38 (+1.4%) This Week’s Crypto Headlines You Can’t Miss Kraken Just Became the First Crypto Company With a Fed Master Account — Why It Matters. The veteran US exchange has secured access to a limited-purpose...