Bitcoin hovers below $65,000 as Middle East tensions escalate further
Bitcoin prices remain stagnant near $64,700 as geopolitical tensions in the Middle East escalate following Houthi attacks on Saudi Arabia. Investors are shifting toward safe-haven assets like gold, while concerns over inflation and high Treasury yields weigh on risk-on assets.
Why it matters
The report illustrates how global geopolitical instability directly impacts cryptocurrency markets and investor risk appetite.
Bitcoin is holding near $64,700 Friday, barely changed over the last 24-hour period, while the broader CoinDesk 20 ( CD20 ) index is down 0.2% over the period.
Brent crude has meanwhile moved to over $83 a barrel after Yemen’s Iran-linked Houthis attacked Saudi Arabia, further escalating tensions in the Middle East.
Treasury yields have seen a slight correction, but remain at 4.67% for the 10-year note, a level Fidelity’s Director of Global Macro Jurrien Timmer said “history suggests that nothing good happens.”
Higher oil could add to inflation pressure if sustained, while elevated Treasury yields tighten financial conditions. Together, they could limit expectations for near-term rate cuts and weigh on bitcoin and other risk assets.
Gold has meanwhile maintained its recovery, moving up 1.5% to now trade at $4,300 per ounce as investors move toward safety in the face of uncertainty.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in