Bitcoin Slumps to $63K Amid Geopolitical Uncertainty

The price of Bitcoin dropped to around $63,000 on Friday as geopolitical uncertainty and rising tensions weighed on risk assets. The move came after two days of gains driven by lower-than-expected US inflation data. However, those gains were short-lived, with tech stocks selling off and the total retail turnover in single stocks hitting a record $370 billion.

The uncertainty surrounding the situation was exacerbated by the sixth consecutive night of strikes against Iran by the US Central Command. Targets included coastal surveillance sites, air defense systems, military logistics, and maritime infrastructure. The US Dollar Index spiked to 100.79 and oil prices reached $80 per barrel in response to the tensions.

Despite the volatility, BlackRock CEO Larry Fink remains bullish on crypto for the next 12 months. Analysts Rekt Capital and Exitpump pointed out that Bitcoin is showing early signs of rejection from its 50-month exponential moving average at around $65,900.