Bitcoin traded around $68,783 on Tuesday, recovering from an intraday low of $66,300 as investors reassessed interest rate expectations against a backdrop of intensifying US-Iran conflict.
The rebound left bitcoin roughly flat over 24 hours but up nearly $2,000 since the US equity open, even as the Nasdaq Composite fell 1%, the S&P 500 edged lower and the Dow Jones Industrial Average lost 369 points.
Unlike previous geopolitical shocks, precious metals failed to attract sustained safe-haven flows, with gold sliding 3.6% to about $5,119 per ounce and silver dropping 6.2% to roughly $83 per ounce.
US President Donald Trump said:
“Operation Epic Fury could extend four to five weeks,”
And added that:
“There was another hit today on the new leadership,”
Signalling continued military escalation.
On the macro front, Brent crude moved above $80 per barrel, prompting Jake Ostrovskis of Wintermute to warn that sustained energy strength could harden a re-inflation narrative and effectively rule out a near-term Federal Reserve rate cut.