Bitcoin and Ethereum Steady as Iran Declares Victory Over US Tensions
Iran Claims Victory Over the U.S. Amidst Cryptocurrency Market Fluctuations
Key Highlights
- Ayatollah Ali Khamenei, Iran’s supreme leader, announced a triumph over the United States in a post on X (formerly Twitter).
- Major cryptocurrencies, including bitcoin and ethereum, experienced minimal movement as global tensions appeared to subside.
- Following a significant drop in June, bitcoin inflows in the U.S. have shown signs of recovery.
Iran’s Declaration of Victory
In a recent statement, Iran’s supreme leader, Ayatollah Ali Khamenei, proclaimed the nation’s success against the U.S., asserting that American involvement in the conflict was an attempt to protect the Israeli regime. Khamenei expressed his sentiments on X, stating, “I congratulate our beloved Iran on its victory over the U.S. regime, which intervened in the war to prevent the destruction of the Zionist regime but ultimately achieved nothing.”
Cryptocurrency Market Response
bitcoin has seen a slight decline of 0.2%, currently trading at $107,139, after a brief recovery that brought it close to the $108,000 mark, a level not reached since mid-June. ethereum, on the other hand, has increased by 0.2%, now priced at $2,439, as reported by CoinGecko. Over the past month, both cryptocurrencies have faced declines of 2.2% and 6.7%, respectively, likely influenced by ongoing geopolitical tensions.
James Toledano, COO of Unity Wallet, noted that the Iran-Israel conflict is a significant factor affecting bitcoin‘s price movements. He mentioned that the recent recovery is linked to broader economic factors, including a weaker U.S. dollar and lower oil prices, alongside ongoing ETF inflows.
Recent Geopolitical Developments
The conflict escalated on June 13 when Israel conducted airstrikes on Iran, leading to a series of retaliatory actions. The U.S. subsequently targeted Iranian nuclear facilities, raising fears of a larger conflict. This involvement led to significant market reactions, with $701 million in cryptocurrency liquidations occurring within a single day.
However, the anticipated escalation into a global conflict did not materialize. A ceasefire was announced by President Trump on Tuesday, despite some missile exchanges that followed. Current sentiment indicates that 93% of users on Myriad Markets believe the ceasefire will remain intact at least until the end of the week.
Khamenei’s Assertion of Power
On Thursday, Khamenei reiterated Iran’s strength, citing military actions against U.S. bases as evidence of the nation’s capabilities. He stated, “The Islamic Republic delivered a heavy blow to the U.S., attacking the Al-Udeid Air Base, a crucial U.S. installation in the region.”
Trends in bitcoin and ethereum ETFs
In the midst of the conflict, bitcoin ETF inflows in the U.S. have rebounded, recovering from a low of $6.4 million on June 20 to $547.7 million on Wednesday. Similarly, ethereum ETFs, which saw outflows of $11.3 million in June, have bounced back to $60.4 million in inflows as of Wednesday, according to CoinGlass.
Overall Market Performance
As of now, the broader cryptocurrency market has experienced a decline of 1.6%. bitcoin Cash has emerged as a leader in gains, rising by 3.5%, while Sei has faced the steepest drop of 10.3%.
Edited by Stacy Elliott.
