Bitcoin retreats to $64,162 as profit-taking and Iran tensions weigh
In brief
- Bitcoin retreated to $64,162 after reaching $65,500 monthly high on Wednesday amid profit-taking
- Ether fell 1.7% since midnight UTC; PUMP and ZEC each declined 4.4% after Tuesday rallies reversed
- Iran's attacks on U.S. bases and airstrikes cited as primary catalyst for crypto market decline
Profit-taking and geopolitical headwinds
The pullback came as traders locked in gains following bitcoin's climb to the monthly peak. Ether didn't escape the selling pressure, losing 1.7% since midnight UTC. Altcoins bore the brunt of the move: both PUMP and ZEC each declined 4.4% as Tuesday's strong rallies faded.
The broader selloff wasn't driven by crypto fundamentals alone. Iran launched attacks on U.S. military bases in neighboring Gulf states on Thursday, escalating tensions that already had markets on edge. The U.S. continued its wave of airstrikes, adding to the uncertainty. The war in the Middle East was cited as a main catalyst for price action across asset classes, with crypto moving in tandem with equities and other risk assets.
Volume surge amid volatility
Despite the pullback, trading activity remained robust. CEX spot trading volumes climbed 15.3% to $1.11 trillion in June, marking the first increase in five months. The surge extended to derivatives markets, where RWA perpetual volumes hit a record $311 billion in June.
Risk sentiment extended beyond crypto. Nasdaq 100 futures retreated 0.25%, extending a downtrend that began 30 days prior, signaling broad market caution.
