Bitcoin and broader crypto market sink
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As Asia opens the trading week, BTC $105,478.17 is changing hands at around $ 105,000, stuck in this range due to market uncertainty about whether the Israel-Iran conflict will escalate into a broader regional war, according to a recent note from trading firm QCP.
Bitcoin's decline today is influenced by US-China trade deal outcomes and geopolitical tensions involving Israel and Iran. The potential for future Federal Reserve rate cuts is increasing despite a slight decline in May's headline inflation figures.
Bitcoin dips below $106K but avoids full-blown panic as traders assess fallout from Israeli airstrikes on Iran.
After slumping to the $102,600 mark, bitcoin BTC $105,006.70 rebounded to around $106,000 before fading lower in the U.S. afternoon hours with reports about a fresh wave of airstrikes targeting Iran. The top cryptocurrency was down 1.6% in the last 24 hours, changing hands at $105,200 and still less than 6% shy of its all-time high price.
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Bitcoin fell 5.5% amid Israel-Iran conflict, prompting critics to question its safe haven status — but historical data and fractals point to a strong rebound ahead.
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Bitcoin price faces three consecutive days of pullback this week, starting on Wednesday, and reaches a low of $102,664 as of Friday. The rising conflict in the Middle East between Israel and Iran fueled this ongoing correction.