BTC Surges Past $63K as Markets Navigate Geopolitical Tensions

BTC/USD traded above $63,000 on Thursday, reaching an intraday high of $63,200 on Bitstamp despite growing geopolitical tensions and surging US inflation.

The move came as Iran closed the Strait of Hormuz, a key global oil route, following attacks on US infrastructure in the Gulf states. Oil prices rebounded, with US WTI crude oil rising above $91 per barrel.

US President Donald Trump warned that Iran would be hit 'very hard', and markets were forced to price both military escalation risk and potential energy disruption risk at the same time.

The Bureau of Labor Statistics confirmed that year-on-year, PPI was up by the most in nearly four years, continuing a trend from recent months. The US PPI print added pressure on crypto and risk assets.