BTC Remains Around $105,000 Amid Israel-Iran Conflict Concerns
Market Summary
As the Asian trading week begins, key market movements include:
- BTC: Bitcoin trades around $105,000 amid uncertainties linked to the Israel-Iran conflict. Investor anxiety is reflected in risk reversals, with BTC puts commanding premiums over calls. Despite volatility leading to over $1 billion in liquidated long positions, institutional buying remains supportive.
- ETH: Ethereum increased 2% to $2,550, demonstrating resilience supported by institutional inflows despite regional tensions.
- Nikkei 225: Japan's index rose by 0.87%, responding to geopolitical concerns and safe-haven demand for gold and oil.
- Gold: Price reached $3,447, a one-month high due to Middle East tensions and anticipated Fed rate cuts.
Key Developments
- Galaxy Research indicates that the OP_Return debate has been overstated, highlighting low mempool congestion as contrary to critics' claims.
- Bitcoin's current cycle gain stands at 656%, suggesting sustained demand despite macroeconomic jitters.
- Bybit announces the launch of Byreal, a Solana-based decentralized exchange, with its testnet set for June 30.