The world’s largest cryptocurrency was last up 0.5% at $69,845.4
Bitcoin turned slightly higher on Tuesday, reversing an earlier decline as risk assets received a bid after U.S. President Donald Trump extended a deadline on Iran to reopen the critical Strait of Hormuz.
Sentiment had earlier been under pressure amid little progress in talks between Iran and the U.S.
The world’s largest cryptocurrency was last up 0.5% at $69,845.4 by 21:43 GMT.
The U.S. president stressed that any ceasefire agreement must include a guarantee from Iran to reopen the Strait of Hormuz. The vital waterway has been effectively shuttered since the start of the war, driving up oil prices across the globe.
Iran’s Tasnim reported that the country would target more oil facilities, including those of Saudi Aramco, if Trump carried out his threats to attack energy infrastructure.
The market is not in panic, but it is not committed either, waiting for the deadline to pass before taking a clearer position, Iliya Kalchev, analyst at Nexo Dispatch, said.
The spike in energy prices due to the strait’s closure has heightened inflation concerns and driven investors toward traditional safe-haven assets such as the U.S. dollar.
Bitcoin has increasingly traded in line with broader risk sentiment, with geopolitical uncertainty overshadowing earlier optimism around diplomatic progress.
Bitcoin exchange-traded funds (ETFs) attracted their strongest daily inflows since late February on Monday, as investors moved to position themselves ahead of the Iran deadline.
The funds pulled in a combined $471.3 million, with BlackRock’s IBIT drawing the largest share at $181.9 million.
Fidelity’s FBTC and ARKB followed with $147.3 million and $118.8 million respectively, according to SoSoValue data.
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