Bitcoin (BTC) is up 2% on July 10 and headed for a winning week as cryptocurrencies shake-off renewed tensions in the Middle East and rise alongside stocks.
BTC is up 1.30% for the week after experiencing volatility in recent days as the U.S. and Iran renewed attacks on each other, leading to a spike in oil prices and rattling financial markets.
However, Bitcoin and other crypto have shaken off the volatility and risen in recent days. The largest cryptocurrency by market capitalization is trading at $64,400 U.S. early on July 10.
That’s near the highest level that Bitcoin has been at over the past month. BTC peaked at $66,111.75 U.S. on June 16.
Since then, Bitcoin has been stuck trading in a range of $60,000 U.S. to $65,000 U.S. The digital asset appears to have bottomed at $58,000 U.S. on June 26.
Other cryptocurrencies are also on an upswing to end the trading week, with Ethereum (ETH) up 1% and trading at $1,800 U.S., its highest level since the start of June.
Digital assets are firming as investors look past the situation in Iran and continue to chase the artificial intelligence (A.I.) trade, piling into microchip stocks and initial public offerings (IPO).
Investors are focused on the July 10 U.S. initial public offering (IPO) of South Korean chipmaker SK Hynix, whose shares begin trading on the Nasdaq (NDAQ) exchange.
SK Hynix, which hopes to raise nearly $30 billion U.S. from its Nasdaq listing, is the latest in a series of high-profile IPOs and comes a month after the market debut of SpaceX (SPCX).
Markets also appear upbeat as second-quarter earnings season gets underway, with strong prints from Delta Air Lines (DAL) and clothing retailer Levi Strauss (LEVI).
The big U.S. banks such as JPMorgan Chase (JPM) and Goldman Sachs (GS) report their Q2 financial results next week.
Bitcoin’s price has now risen 5% in the past month.
