The bitcoin remains under pressure Tuesday night, approaching the deadline set by Donald Trump to Iran to unblock the Strait of Hormuz. Around 9:00 pm, the leading cryptocurrency lost 2.1% in 24 hours, at $68,432, according to CoinMarketCap data.
“The bitcoin slipped on Tuesday, caught in the general market volatility as Trump’s deadline to Iran approaches,” commented Alexis Boeglin, director of operations at CrypCool.
According to the expert, this decline is a demonstration of the logic governing crypto markets since the start of the Iran-U.S. conflict: every hope of de-escalation triggers a rebound, while each new threat brings a correction. Monday’s trading was driven by ceasefire negotiation information before markets soured the next day.
The expiration of the American ultimatum to Iran at 8:00 pm (Washington time, 2:00 am Paris time) is the main short-term catalyst for volatility across financial markets, including cryptocurrencies.
Two scenarios are in opposition, according to Alexis Boeglin. “In the absence of an agreement, U.S. military strikes on Iranian infrastructures are being considered by Trump: bitcoin could then test support levels around $63,000-65,000 in a panic-stricken movement,” he explained.
“On the other hand, any last-minute diplomatic opening could trigger a rebound towards $72,000-74,000, especially if it comes with a reopening of the Strait of Hormuz and a drop in oil prices.”
While prediction markets currently give less than 2% chance of a formal agreement by tonight, a positive surprise, if it occurs, would lead to a sharp upward movement, notes CrypCool’s director of operations.
In other crypto news, Morgan Stanley is preparing to launch its own exchange-traded fund (ETF) directly invested in bitcoins. “This will be the first bitcoin spot ETF launched directly by a major Wall Street bank,” Alexis Boeglin reminded.
MAIN CRYPTOS:
-BITCOIN: around 9:00 pm, the leading cryptocurrency lost 2.1% in 24 hours, at $68,432, according to CoinMarketCap data.
-ETHER: -2.9% in 24 hours, at $2,083.
-XRP: -3.1% in 24 hours, at $1.30.
-BNB: Binance’s crypto fell by 0.6% in 24 hours, at $603.
-SOLANA: -2.7% in 24 hours, at $80.
Agefi-Dow Jones The financial newswire
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