Bitcoin, Ether tumble as Trump signals escalation in Iran war
Bitcoin declined after US President Donald Trump signaled tougher military action against Iran in the coming weeks, dampening expectations of a swift end to the conflict and weighing on risk assets.
The cryptocurrency dropped as much as 2.9% to around $66,300 in London trading, News.Az reports, citing Bloomberg.
Broader crypto markets also weakened, with Ether falling up to 5.2% and Solana posting similar losses.
Investor sentiment turned cautious following Trump’s remarks, which reduced hopes for a near-term resolution to the war. Global markets reflected the shift, with MSCI’s Asia Pacific Index reversing part of its previous gains and Brent crude rising above $108 per barrel.
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Earlier optimism had been supported by indications that the US might consider ending the conflict and reopening the Strait of Hormuz, a key global trade route.
Despite recent resilience—Bitcoin gained 2% in March, ending a five-month losing streak—demand remains under pressure. The cryptocurrency is still down about 45% from its October peak above $126,000. Data from CryptoQuant showed demand remained negative late last month, while large investors, or “whales,” have continued to sell holdings.
Meanwhile, US-listed spot Bitcoin exchange-traded funds saw net outflows, with investors withdrawing $174 million on Wednesday.
By Nijat Babayev
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