Bitcoin, Ethereum, XRP Fall. Curious Crypto Trading Amid Conflict in Middle East. — Barrons.com
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By Callum Keown
The price of Bitcoin slipped early Monday but remained above where it was trading before the U.S. launched strikes against Iran.
The world's largest cryptocurrency slipped 4% to $63,254 on Saturday morning after the U.S. and Israel's coordinated attack on Iran. But then surged above $67,000. It was trading at $65,959 early Monday, down 1.8% over the past 24 hours, according to CoinDesk.
The rebound came amid the speculation and subsequent confirmation of the death of Iran's Supreme Leader Ayatollah Ali Khamenei, Deutsche Bank strategist Jim Reid noted. "This raised hopes of a decisive operation with an obvious ending."
It was a similar story for Ethereum and XRP, though their moves lower Monday were more pronounced — both down more than 3%. Ethereum is still above its pre-attack level, while XRP isn't.
The weekend's crypto trading is curious. Either Bitcoin is suddenly behaving like a haven asset again — after its initial fall — or it's fulfilling its more recent role as a leading risk indicator while other markets are closed.
If it's the latter then it suggests stock market futures, particularly Nasdaq futures, could bounce off their lows as the morning progresses. Futures on the Nasdaq 100, a concentration of risk assets, pointed 1.6% lower early Monday.
Or the opening of the stock market could drag cryptocurrencies lower again. Either way, crypto investors will be watching the headlines closely as the conflict in the Middle East enters a third day.
Write to Callum Keown at callum.keown@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
source: https://www.tradingview.com/news/DJN_DN20260302001321:0/
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