Bitcoin Jumps 5.7% Toward $71,890 as Crypto Markets Rebound

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Crypto markets may be finding their footing again after several volatile sessions tied to escalating tensions in the Middle East. Bitcoin (BTC-USD) climbed as much as 5.7% on Wednesday to briefly move above $71,890, marking its highest level in nearly a month, before trimming some gains to around $71,343 in early New York trading. Ether followed the move higher, rising as much as 6.3% to roughly $2,092, while the broader digital asset market turned positive alongside a rebound in US equity futures and European stocks.

The recovery comes after a sharp selloff that began when US and Israeli forces attacked Iran on Saturday, a development that briefly pushed Bitcoin down to about $63,038 that day. Since then, flows appear to be returning to the sector, with spot Bitcoin exchange-traded funds in the US attracting more than $680 million in combined inflows on Monday and Tuesday, according to data compiled by Bloomberg. Some market participants suggest the renewed demand may indicate that investors are again exploring digital assets as a possible hedge during periods of geopolitical stress.

Still, the broader backdrop remains fragile. The conflict between Israel and Iran moved into its fifth day on Wednesday with continued airstrikes and missile exchanges, while volatility across financial markets has remained elevated. Bitcoin has gained around 9% since Friday while gold has slipped nearly 2% over the same period, though analysts caution that the recovery in digital assets could prove temporary given the uncertainty surrounding both geopolitical developments and wider market conditions.
source: https://www.tradingview.com/news/gurufocus:1b5474ccf094b:0-bitcoin-jumps-5-7-toward-71-890-as-crypto-markets-rebound/