Bitcoin Price Rises. How the Middle East Fight Could Sink the Crypto Below This Level.
Bitcoin is now trading about 5% short of its record high.
Bitcoin was clawing back some of its recent losses on Monday, rising along with other risk assets as investors got over the worst of their fears about the conflict between Iran and Israel.
The world's largest token was up 1.3% to $106,818 over the past 24 hours, according to data from CoinDesk. It's now trading about 5% short of the record high it hit last month.
Digital-asset bulls like to position Bitcoin as a safe haven, but it was dented by the broader selloff triggered by Israel's strike on Iran Friday. And Monday's rally looked set to coincide with a rebound in stocks, as futures tracking the benchmark S&P 500 climbed 0.5%.
'The situation in the Middle East would need to deteriorate rapidly and enter a more dangerous phase for Bitcoin to fall below $100,000," Kathleen Brooks, research director for the foreign exchange brokerage XTB, said.
Other tokens were also up over the past 24 hours. Ethereum climbed 4%, Solana gained 7.7%, and XRP added 1.9%, per data from the crypto exchange Kraken.
Write to George Glover at george.glover@dowjones.com
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