Bitcoin price reaches $72.5K as US issues ‘Economic D-Day’ threat to Iran
Bitcoin saw new multimonth highs above $72,500 even as US stocks cooled amid US threats of “economic warfare” with Iran.
Bitcoin soared to $72,505 on Thursday, marking a new multimonth high, despite the U.S. threatening "economic warfare" against Iran in a bid to isolate the nation over the Strait of Hormuz. US stocks retreated amid the geopolitical tensions, while bond yields rose, reflecting investors' concerns over the U.S.-Iran conflict. By the end of the day, Bitcoin reversed above $71,000 and traded at its 11-week peak of $72,505 on Bitstamp.
The surge in Bitcoin's price was driven by renewed demand in both spot and derivatives markets, suggesting a potential end to the recent bear market. However, analysts remain cautious, with BTC needing to surpass its $60k support level to signal a lasting recovery.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
