Currently, traders are awaiting clearer direction when traditional financial markets reopen at the beginning of the week.
On February 28th, Bitcoin experienced a volatile trading session. The price initially fell, then recovered slightly following rumors of the death of Iran's Supreme Leader Ayatollah Ali Khamenei. After Iranian officials confirmed the news, Bitcoin reached $68,196 before reversing to around $65,300 per Bitcoin at 4 PM on March 1st (New York time), a decrease of 2.1%. Ether also erased its earlier gains, falling 2.3% to $1,912.
According to data from the cryptocurrency information aggregation platform CoinGecko, the total market capitalization of this cryptocurrency at one point "evaporated" by approximately $128 billion.
Tokenize Capital, an investment fund, believes that the actual price will be determined on March 2nd when the US stock market and bitcoin ETFs reopen. The fund warns that with new developments in the Persian Gulf and the risk of the Strait of Hormuz closing, this is not an event that will be easy to control.
Tokenize Capital emphasizes that bitcoin ETF inflows will be the most important indicator to watch, after the group recorded $1 billion inflows for three consecutive sessions last week. If this trend reverses, bitcoin could break through support and fall below $63,000.
However, some observers remain optimistic that the cryptocurrency market will weather this geopolitical turmoil. Market research firm 10x Research said that traders generally do not expect the Iran conflict to have overly negative economic consequences. They noted that market expectations for Bitcoin prices are centered around $75,000 per Bitcoin, as investors prepare for the upcoming meeting of the US Federal Reserve (Fed).
Similarly, Digital Asset Capital Management believes that the US attack was largely pre-calculated by traders. Therefore, they are taking advantage of the market weakness as an opportunity to buy when prices fall.
Source: https://vtv.vn/bitcoin-lao-doc-100260302093722344.htm
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