Bloomberg: US-Iran conflict has limited impact on Bitcoin, currently consolidating between $60,000 and $70,000

BlockBeats News, March 3, according to Bloomberg, bitcoin has long been touted as offering something other markets cannot: a 24-hour real-time indicator of global risk appetite. However, after news broke that the US launched strikes against Iran, bitcoin initially dropped, then fluctuated, and eventually rose. By Monday, its trading price was higher than before the attack, leaving almost no lasting signs of panic or risk aversion.

This trend reflects a deeper issue. After falling about 50% from its historical high, bitcoin has been consolidating in a narrow range between $60,000 and $70,000. Since the crypto market crash last October, most leverage has been forced out. Retail participation has declined, and capital inflows have weakened. With overall positions lighter, the subsequent impact of new shocks is also smaller.