$BTC

The Price of Bitcoin

The price of Bitcoin (BTC) remains relatively stable showing notable resistance despite the recent airstrike by Israel against Iran. However, it could face a strong short-term correction if Iran decides to close the Strait of Hormuz, a crucial route for oil transportation. This would affect all risk assets, according to Nic Puckrin, founder of Coin Bureau and market analyst.

Puckrin noted that the evolution of the price of bitcoin in the short term "depends on how events unfold today and over the weekend" in the conflict between Israel and Iran. In his words:

> "The biggest risk is that Iran closes the Strait of Hormuz, through which almost 20% of the world's oil supply passes. If this happens, the price of oil could skyrocket, while risk assets would plummet. And if this occurs over the weekend, the cryptocurrency market, which operates 24/7, would take another hard hit".

Nonetheless, Puckrin emphasized that long-term price prospects for bitcoin are less affected by geopolitics and more related to the depreciation of the US dollar, which has reached its lowest level in three years. This suggests a potential long-term increase for this supply asset.