Bitcoin (BTC) returned to $63,000 on Thursday as crypto shook off news that Iran had closed a key global oil route.
Key points:
Bitcoin sees volatility but hits intraday highs despite surging US inflation and another Strait of Hormuz closure.Oil rebounds as the US promises fresh attacks on Iranian infrastructure on Thursday.Bitcoin upside targets focus on the remaining gaps in CME Group’s futures market.
Iran and PPI inflation spark new risk-asset headwinds
Data from TradingView showed BTC/USD hitting local highs of $63,200 on Bitstamp, up more than 2.5% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Crypto rebounded despite growing geopolitical tensions and the threat they pose to inflation trends worldwide. Reports referred to Iran closing the Strait of Hormuz “until further notice” following attacks on US infrastructure in the Gulf states.
US WTI crude oil jumped above $91 per barrel following the news.
CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
US President Donald Trump additionally warned that Iran would be hit “very hard” on Thursday evening.
“At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America,” he wrote in a post on Truth Social.
Source: Truth Social
The day prior, Trump stated that Washington “controls” Hormuz, with around 100 million barrels of oil transiting as a result.
In its latest analysis, trading company QCP Capital explained that markets were “being forced to price both military escalation risk and potential energy disruption risk at the same time.”
“That combination leaves risk assets in an awkward position,” it wrote in a Market Color bulletin on Wednesday.
“Investors may not be panicking, but they are clearly less willing to lean into exposure when the next headline could pull the market in either direction.”
Thursday’s US Producer Price Index (PPI) print, meanwhile, kept up pressure on crypto and…
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