Bitcoin Falls as Geopolitical Tensions Weigh

Dow Jones14:52

0652 GMT - Bitcoin falls as oil prices turn higher on concerns about the Middle East conflict. Reports of Iran-backed Houthi delivering fresh strikes on Saudi energy infrastructure show the conflict is ratcheting up, Capital.com analyst Kyle Rodda says in a note. Iran continues to strike tankers in the Strait of Hormuz, while also accusing the U.S. of targeting a naval base in the region, he says. "The geopolitical uncertainty is elevating risks to growth and inflation as oil prices continue an upward trend almost certain to continue absent a breakthrough in at least one of the conflicts." Higher oil prices boost the prospect of monetary policy tightening by central banks, further hitting risk appetite. Bitcoin falls 0.2% to $81,776, LSEG data show.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment