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Bitcoin hits a new 11-week high above $72,500 amid US-Iran nerves
BTC/USD reached $72,505 on Bitstamp, after US stocks cooled and bond yields rebounded on concerns tied to US threats of economic warfare with Iran.
Bitcoin climbed to new multimonth levels, with BTC/USD retesting $71,000 before reaching an 11-week high of $72,505 on Bitstamp, according to Cointelegraph.
The move came as US stocks dipped after the Wall Street open, while bond yields rebounded amid US-Iran war nerves tied to renewed tension around oil route risks.
Cointelegraph reported that the 30-year Treasury yield traded as low as 5.179% before rising to 5.266%, an increase of 9 basis points that nearly erased the prior day’s decline, and the 10-year yield reversed its previous drop.
Despite the strength, market participants were cautious about how durable the rally will be. Cointelegraph cited commentary questioning whether recent Treasury liquidity steps would be enough to calm markets and noted that after gaining nearly $10,000 over four days, bitcoin left traders skeptical about the durability of the move.
Latest closeBitcoin $72,614.05 ▲4.8%