Bitcoin holds above $63k as traders weigh fresh Iran tensions, tech selloff
Investing.com-- Bitcoin held above $63,000 on Tuesday after giving up some ground in the previous session, as investors weighed renewed geopolitical tensions in the Middle East against improving demand for U.S.-listed spot bitcoin exchange-traded funds.
The world’s largest cryptocurrency last traded 0.4% higher at $63,342.27 by 03:22 ET (07:22 GMT).
Bitcoin rose to as high as $64,600 in the previous 24 hours before paring some gains.
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Traders weigh Middle East tensions, tech selloff
It tracked softer sentiment across risk assets as concerns over stretched artificial intelligence-related valuations pressured technology stocks in Asia.
South Korea’s benchmark KOSPI tumbled despite Samsung Electronics’ (KS:005930) blockbuster earnings outlook, sparking a sharp selloff in chipmakers, while U.S. stock futures also pointed lower.
Cryptocurrencies, which have increasingly traded in line with technology stocks during periods of shifting risk appetite, also came under pressure as investors trimmed exposure to speculative assets.
At the same time, fresh tensions in the Middle East kept markets cautious. Iran’s military fired at least two missiles at commercial ships transiting the Strait of Hormuz on Monday night, ending a week-long halt in attacks under a U.S.-Iran understanding, Axios reported on Tuesday.
Bitcoin ETS see net inflows after series of withdrawals
Still, institutional demand showed signs of improving.
U.S.-listed spot bitcoin ETFs recorded net inflows of $265.7 million on Monday, according to data compiled by SoSoValue, extending gains after $221.7 million of inflows on July 2.
The inflows marked a sharp turnaround after a week of persistent outflows in late June, when investors pulled nearly $2.4 billion from spot bitcoin funds over several sessions amid heightened macroeconomic uncertainty and profit-taking.
Market participants are also watching upcoming U.S. economic data and signals from the Federal Reserve for clues on the interest-rate outlook.
Crypto price today: altcoins remain rangebound
Altcoins traded in a mixed fashion within tight ranges.
World no.2 crypto Ethereum lost 2% to $1,779.18.
World no. 3 crypto XRP fell 1.1% to $1.13.
Solana rose 1%, while Cardano eased nearly 2%.
Among meme tokens, Dogecoin slipped 2%.
