Bitcoin Tumbles on Iran-US Tensions, But Remains Set for Fourth Straight Weekly Gain

Bitcoin's price slipped on Thursday as rising tensions between the U.S. and Iran took a toll on risk sentiment. Despite this, the cryptocurrency is still set for its fourth straight weekly gain due to growing institutional demand.

The tensions between the two nations continued to escalate despite a ceasefire announced by President Trump earlier in the week. The U.S. military took custody of an oil tanker affiliated with Iran, while Iran released a video appearing to show its soldiers boarding a cargo ship near the Strait of Hormuz.

Uncertainty over future peace talks between the two nations also weighed on markets, as mediators from Pakistan, Turkey, and Egypt attempted to arrange a potential meeting for negotiations. Oil prices saw solid gains on Thursday, with futures topping $100 a barrel this week.

Crypto companies are urging the Senate Banking Committee to advance legislation that would establish a federal framework for digital asset markets. A broad coalition of companies and trade groups is warning that further delay risks pushing investment and innovation overseas.