Bitcoin Fluctuates Amid Geopolitical Escalation

Simon Peters, Crypto Analyst at eToro finds that Bitcoin dipped below the $100,000 level over the weekend, as geopolitical tensions between the US and Iran intensified. The US undertook air strikes on Iranian nuclear facilities, and Iran, in retaliation, is now threatening to close the Strait of Hormuz, a key shipping channel which could impact global markets and in particular oil prices.

As the price began falling on the back of the escalating geopolitical tensions, approximately $313 million worth of traders' long positions were liquidated, exacerbating the price fall to $98,000.

The sell-off was short lived however. Bitcoin is now back above $100,000 level, currently at $101,500.