The bitcoin fell on Tuesday, dropping back from the $70,200 briefly reached on Monday morning. By 9:50, the bitcoin was down 0.4% over 24 hours, at $68,668, according to CoinMarketCap data.
“The bitcoin slipped on Tuesday, caught up in the overall market volatility as the deadline set by President Trump to Iran approaches,” commented Alexis Boeglin, director of operations at CrypCool.
According to the expert, this decline demonstrates the logic governing the crypto markets since the start of the Iranian-American conflict: every hope of de-escalation triggers a rebound, while every new threat brings a correction. Monday’s rally was fueled by ceasefire negotiation reports before markets soured the next day.
The expiration of the American ultimatum to Iran at 8 p.m. (Washington time, 2 a.m. Paris time) is the main short-term catalyst for volatility in all financial markets, including cryptos.
Two scenarios are at odds, explained Alexis Boeglin. “In the absence of an agreement, American military strikes on Iranian infrastructure are foreseen by Trump: in this case, bitcoin could test support zones around $63,000-65,000 in a panic-driven movement,” he said.
“On the contrary, any last-minute diplomatic breakthrough could trigger a rally towards $72,000-74,000, or even higher if it involves a reopening of the Strait of Hormuz and a drop in oil prices.”
While prediction markets give less than 2% chance of a formal agreement by tonight, a positive surprise, if it occurs, would lead to a violent upward reaction, highlighted the CrypCool operations director.
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,” noted Alexis Boeglin.
MAIN CRYPTOS:
- BITCOIN: by 9:50, the queen of cryptocurrencies was down 0.4% over 24 hours, at $68,668, according to CoinMarketCap data.
- ETHER: -1.4% over 24 hours, at $2,103.
- XRP: -2.1% over 24 hours, at $1.31.
- BNB: Binance’s crypto dropped by 0.7% over 24 hours, at $598.6.
- SOLANA: -2.4% over 24 hours, at $79.30.
The financial newswire Agefi-Dow Jones
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