The Bitcoin remains under pressure on Tuesday evening, as Donald Trump’s ultimatum to Iran approaches to unlock the Strait of Hormuz.
At around 9:00 pm, the leading cryptocurrency was down 2.1% over 24 hours at $68,432, according to CoinMarketCap data.
“The bitcoin slipped this Tuesday, being caught up in the overall market volatility as the deadline set by President Trump for Iran approaches,” commented Alexis Boeglin, director of operations at CrypCool.
According to the expert, this decline is a demonstration of the logic that governs the crypto markets since the opening of the Iranian-American conflict: every hope of de-escalation triggers a rebound, and every new threat leads to a correction. Monday’s session was driven by ceasefire negotiation information before the markets disappointed the next day.
The expiration of the American ultimatum to Iran at 8:00 pm (Washington time, 2:00 am Paris time) is the main short-term catalyst for volatility across financial markets, including cryptos.
Two scenarios are in opposition, summarized Alexis Boeglin. “In the absence of an agreement, American military strikes on Iranian infrastructure are being considered by Trump: Bitcoin could then test support zones around $63,000-65,000 in a panic-induced movement,” he explained.
“On the contrary, any last-minute diplomatic opening could trigger a rebound towards $72,000-74,000, or even higher if it is accompanied by a reopening of the Strait of Hormuz and a drop in oil prices.”
While prediction markets give less than 2% chance of a formal agreement by tonight, the positive surprise, if it were to occur, would lead to a violent upward movement, according to the CrypCool operations director.
In other crypto news, Morgan Stanley is preparing to launch its own bitcoin exchange-traded fund (ETF). “This will be the first spot bitcoin ETF launched directly by a major Wall Street bank,” recalled Alexis Boeglin.
CRYPTO HIGHLIGHTS:
- BITCOIN: around 9:00 pm, the leading cryptocurrency was down 2.1% over 24 hours at $68,432, according to CoinMarketCap data.
- ETHER: down 2.9% over 24 hours at $2,083.
- XRP: down 3.1% over 24 hours at $1.30.
- BNB: Binance’s crypto was down 0.6% over 24 hours at $603.
- SOLANA: down 2.7% over 24 hours at $80.
Agefi-Dow Jones The financial newswire
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