Bitcoin managed to hold at the $77,000 level despite Iran tension
While military developments in the Strait of Hormuz reduced risk appetite in global markets, the leading cryptocurrency maintained its strong stance.
Despite US attacks targeting targets in Iran and rising tension around the Strait of Hormuz, Bitcoin did not face a severe sell-off wave and continued its course at the $77,000 level.
Geopolitical Tension and Markets
US attacks targeting targets belonging to the Islamic Revolutionary Guard Corps increased tension in the Strait of Hormuz. Donald Trump stated that the moves were made in response to Iran's activities.
Current Situation in the Cryptocurrency Market
Despite the increasing risk-off tendency in the markets, Bitcoin was traded at approximately $77,346. Total market dominance was recorded at 69.1 percent.
Commodity and Stock Markets
Concerns over supply disruption drove oil prices up, with the barrel price of Brent crude rising to $94.65. The S&P 500 index, on the other hand, recorded a decline.
Fed Decisions and Expectations
Investors' focus turned to economic data from the US and the Fed's decisions in September. The probability of an interest rate hike showed an increase.