Iran crisis: Bitcoin price surges amid growing tensions with US

Escalating tensions between the US and Iran have prompted a price surge price for bitcoin and other cryptocurrencies, according to market analysts.

Bitcoin has risen in value by around $600 since the US assassination of Islamic Revolutionary Guard Corps Maj Gen Qassem Soleimani on 3 January, taking its price above $7,500 and bucking a downward trend that began before Christmas.

The cryptocurrency is notoriously volatile, making it difficult to attribute one single factor to major market movements, however geopolitical uncertainty is often cited as a contributing factor to price increases.


“Bitcoin, the world’s largest cryptocurrency by market capitalisation, jumped 5 per cent as news of the strikes broke around the world on Friday,” said Nigel Green, chief executive of financial consultancy firm deVere Group.

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