Bitcoin reverses higher as geopolitical concerns recede

Bitcoin reversed higher on Friday after a sharp decline, marking six-week lows and on track for the second profit in a row, as geopolitical tensions recede in the Middle East. 

Israel attacked Iran earlier today, however reports indicated the strike was limited with barely any damage to Iranian facilities. 

Bitcoin is still holding ground above $60,000 amid new investments ahead of the halving event next week.

The Price 

Bitcoin rallied 3.1% at Bitstamp to $1921 to $65433, with March 5 lows at $59629.

The world’s largest cryptocurrency rallied 3.7% on Thursday on active short-covering. 

Cryptocurrency Market Value 

Market value of cryptocurrencies surged by $50 billion to $2.475 trillion as bitcoin and ethereum gathered ground. 

Geopolitical Tensions 

The NBC network reported that Israel executed a military strike against Iran, with Iranian media reporting explosions near the Isfahan airport. 

Multiple air courses were rerouted above Iran earlier on Friday. 

Bloomberg reported that Israel notified the US yesterday of a plan to respond militarily to Iran in the next 24 to 48 hours. 

The NBC reporting indicated the US hasn’t joined the strike. 

Bitcoin’s Dominance 

As AI-linked cryptocurrencies tumbled in recent weeks, bitcoin gained more dominance with market share rising to 55%. 

Bitcoin’s market share rose by 1.35% last week, and by 2.5% in March following a flux of new investments. 

Bitcoin’s Halving 

In the pre-halving period, Google interest in bitcoin surged to record highs, passing its previous halving event in 2020 by a wide margin.