Bitcoin Price Reverses Course Amid Iran Conflict Tensions

Bitcoin's price has taken a hit, falling to $70,000 amid ongoing tensions in the Iran conflict. The cryptocurrency's price slipped 2.2% to $71,142.0 by 17:12 ET (22:12 GMT), reversing course from its one-month high of $74,031.0 on Wednesday.

The decline is attributed to a mix of factors, including risks from the Iran conflict and regulatory uncertainty. However, the cryptocurrency's price is set for a weekly jump after rallying on Wall Street support and President Trump's comments on crypto regulation.

President Trump's call for swift passage of the long-delayed crypto market framework bill has driven up hopes that crypto will gain more regulatory favor in the U.S. The move has boosted risk appetite, with Bitcoin extending gains from earlier this week.