Prices for cryptocurrencies such as Bitcoin (BTC) continue to see-saw between gains and losses due to ongoing uncertainty regarding the war in Iran.
After rising 3% on April 6 and touching $70,000 U.S., Bitcoin is down 2% in early trading on April 7 and changing hands at $68,300 U.S.
Other cryptocurrencies are also in the red presently, with Ethereum (ETH), Solana (SOL) and XRP (XRP) each down 3%.
As has been the case in recent weeks, cryptocurrencies are moving in tandem with stocks, dropping alongside U.S. equity markets as they seek direction on the Middle East conflict.
U.S. President Donald Trump is threatening to hit Iran’s power plants and civilian infrastructure on the night of April 7 unless Iran immediately opens the Strait of Hormuz waterway.
Iran remains defiant and continues to threaten commercial ships that pass through the Strait of Hormuz, where 20% of the world’s crude oil typically passes.
The situation has led West Texas Intermediate (WTI) crude oil to rise above $115 U.S. per barrel. Brent crude oil, the international standard, is trading at $110 U.S. a barrel.
Risk assets such as crypto and stocks are responding by siding lower as nervous investors continue to seek safety in bonds and cash.
While there continue to be reports of ceasefire talks between the U.S. and Iran, no immediate end to the war appears to be in sight, leading to uncertainty and pushing crypto prices lower.
Bitcoin is down 22% on the year and has fallen 45% from an all-time high of $126,000 U.S. reached last October.
