Bitcoin news: BTC jumps above $71,000, building on resilience to Middle East conflict
Bitcoin surged past $71,000, showing resilience against Middle East tensions while traditional safe haven gold retreated.Summary
Bitcoin climbed above $71,000, gaining over 6% in 24 hours, leading a broad rally in major cryptocurrencies despite escalating Middle East tensions involving disruptions through the Strait of Hormuz. Analysts suggest Bitcoin is exhibiting defensive traits, positioning it as a more flexible, albeit high-risk, alternative to traditional safe havens like gold, which has retreated from recent highs. Since the conflict intensified, Bitcoin's downside has been capped around $65,000, contrasting with gold's decline and the heavy losses seen in Asian equity indices due to rising energy costs. This resilience was noted even as Bridgewater founder Ray Dalio reiterated his skepticism about Bitcoin's safe-haven status compared to gold.
(Source：CoinDesk)