Bitcoin Holds Above $62,000 as Strait Tensions Rise

Bitcoin traded near $63,000 on Thursday, remaining above $62,000 after renewed US strikes on Iranian targets and retaliatory attacks disrupted traffic through the Strait of Hormuz.

Iran’s health ministry reported 14 deaths over two nights of strikes and counterstrikes. The United States carried out strikes following reports of attacks on commercial vessels in the Strait. The US president posted that the strikes were retaliation and warned that further Iranian action would prompt a stronger response.

Maritime trackers recorded several tankers turning back, including three empty liquefied natural gas carriers bound for Qatar’s Ras Laffan terminal. At one point only a single tanker was detected transiting the Strait, and no traffic was seen in the alternate corridor near Oman. The previous day 14 commodity vessels crossed the waterway, compared with an average of 34 daily crossings in the weeks after an earlier ceasefire.

Brent crude settled about 5.2% higher at $78.02 a barrel after briefly topping $80; US crude futures also rose. A diesel export ban by Russia added further pressure to fuel markets. Short-dated government bond yields rose as traders priced in increased tightening risk from central banks.

Bitcoin’s recent rebound follows a June selloff that was linked to weaker fund demand, rising exchange supply and tighter liquidity. The largest cryptocurrency has remained sensitive to macro shocks while demand rebuilds.

Ole Hansen, head of commodity strategy at Saxo Bank, commented: ‘The disruption is a reminder that the Strait never fully reopened and that the recent removal of the geopolitical risk premium may have been premature.’

Traders monitored tanker traffic through the Strait, Brent prices near $80 and short-dated yields as immediate indicators for markets. Bitcoin remained above $62,000 at the time of reporting.