The cryptocurrency has been mostly stagnant after the Israel-Iran conflict started last week, treading water around $104K for the past few days.
No Major Moves: Bitcoin, Stocks, and Crypto Stuck in Neutral
Israel vowed to intensify its strikes against Iran as the war between the two countries enters its seventh day. The beginning of the conflict last week coincided with a precipitous drop in the price of bitcoin ( BTC) which has since treaded water around the $104K threshold.
The broader crypto market barely budged on Thursday, shedding 0.09%, and stocks were mixed, with the S&P 500 and Dow down 0.03%, and 0.10% respectively, while the Nasdaq edged up 0.13%, according to data from CNBC at the time of reporting. Interestingly, stablecoin issuer Circle (CRCL) and crypto exchange Coinbase (COIN) both on the Nasdaq, were up 33.82% and 16.32% respectively when markets closed on Wednesday after the U.S. Senate passed the GENIUS Act on Tuesday.
But while Circle and Coinbase were enjoying a jump in prices, bitcoin appeared stalled as Iranian missiles struck Israel’s Soroka Medical Center in Beersheba, prompting a dire warning from Israeli Defense Minister Israel Katz.
“The cowardly Iranian dictator sits deep inside his fortified bunker and launches deliberate attacks at hospitals and residential buildings in Israel,” Katz said. “The Prime Minister and I have instructed the IDF to intensify strikes against strategic targets in Iran.”
Overview of Market Metrics
Bitcoin slipped marginally by 0.18% over the past day to trade at $104,116.58 at the time of reporting. Price action remained largely muted within a 24-hour range between $103,602.26 and $105,250.89, capping off a 3.50% decline over the past seven days. The lack of direction suggests investors are being cautious as conflict in the Middle East deepens.
Trading volume echoed the geopolitical trepidation, falling 14.60% to $40.43 billion, indicating reduced participation across spot and derivative markets. Bitcoin’s market capitalization also dipped slightly by 0.17% to $2.06 trillion. However, BTC dominance rose by a modest 0.06% to 64.90%.
Futures markets saw open interest slip by 0.13% to $69.15 billion, reflecting a mild pullback in speculative positioning. Coinglass data shows $23.97 million in total liquidations over the past 24 hours, with long positions taking the lion’s share of that figure. There was $15.47 million in long liquidations versus $8.50 million in shorts.
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