Bitcoin’s (BTC-USD) price ticked up against the dollar on Tuesday morning, gaining following a flash selloff over the weekend as the Iran-US conflict continued.
The price of the biggest cryptocurrency by market cap was trading just beneath the $67,000 (£50,000) mark, having dipped near $63,000 over the weekend as investors moved their money out of risky assets into havens such as gold (GC=F) and the dollar.
For the year-to-date bitcoin has lost nearly a third of its value.
The overall crypto market capitalisation is around $350bn lower compared with a month ago, according to data from CoinMarketCap.com.
Markets have been unsettled this week following US strikes on Iran that killed the country’s supreme leader Ayatollah Ali Khamenei. The attacks have led to Iran orchestrating a wave of strikes on US bases across the Middle East.
68,442.05 -640.27 (-0.93%)
As of 20:41:00 UTC. Market open.
The conflict has sparked global economic uncertainty due to the closure of a key shipping route for oil – the Strait of Hormuz – pushing the price of the viscose commodity higher. Higher energy prices can cause a knock-on effect for inflation in countries that import the majority of their oil and gas.
Ether (ETH-USD), the digital asset tied to the Ethereum blockchain, also rose around 0.9% on Tuesday, trading just below the $2,000 mark.
Listed companies associated with cryptocurrencies weren’t following the mood music in premarket trade, however. Both crypto exchange Coinbase (COIN) and bitcoin stockpiler and software firm Strategy (MSTR) looked set to open 4.2% and 3.6% lower respectively when US markets open at 2.30pm GMT.
1,984.84 -54.74 (-2.68%)
As of 20:41:00 UTC. Market open.
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