Escalations in the Israeli-Iran conflict once again had a global geopolitical impact on Bitcoin. Several analysts have revealed their opinions on what digital currency and what it can expect in the context of tension.
In the market, Bitcoin (BTC) prices fell almost 4% on Thursday, June 12th, from 108,500 US$103,500 US$103,500 US$ after a massive air attack launched by Israel against Iran. This has sparked a series of retaliation between the two countries that continues to be reported in media around the world.
According to analysts such as Markus Thielen, 10x survey, the collapse of BTC, below USD 106,000, was able to return to the integration phase with support of USD 100,000. John Glover, CIO de Ledn, rather looks at the entrance Correction stage where you can get BTC near 88,000 USD.
On the optimistic side, some analysts are hoping for a quick recovery in the upward trend, particularly based on historical precedents. Bitcoin enthusiast investor and entrepreneur Anthony Pipriano explained that BTC’s immediate response to this escalation is similar to a 3% drop in October 2024, when it fell 3% after the launch of hundreds of missiles from Iran to Israel. Nevertheless, Within 48 hours, BTC performed better than gold and oilan asset that is recognized as a value evacuation. This background opens up the possibility of repeating the story.
André Dragosch, European Research Director at Bitise, published a study showing that Bitcoin usually reacts to geopolitical conflicts. However, in 50 days, that price has recovered and exceeded the level before climbing.
On his side, BlockStream’s Cypherpunk and CEO Adam Back, published on X on his account, compares the performances of the BTC, Gold and S&P 500 10-60 days after global impact events, including the War Climbs of War Dispute. Bitcoin was mostly one that provided better results.
Bitcoin mining may also be affected
According to a report by Iranian Ilin News Agency, he is a member of the Iranian parliament’s Safety Committee and cites members of Esmail Kosari. Iran is seriously considering the possibility of closing the Strait of Ormuz As the conflict with Israel intensifies.
The Strait of Ormuz has historically been a geopolitical point of pressure because it is so important for the world’s oil transport. The connection between this threat and Bitcoin mining is that my mine is an intensive energy activity. The increase in energy costs driven by an increase in oil and gas (which directly affects power generation in many regions) is directly The greater operating costs of Bitcoin Miners.
If Bitcoin mining’s profitability decreases, miners could be forced to reduce operations or even stop completely, resulting in hashrates falling out of the network. A low hashrate can affect the processing of transactions on the Bitcoin network, and in very important circumstances, safety is also at risk.
According to April this year Cambridge Digital Mining Report, 52.4% of Bitcoin mining today uses renewable energy. However, 38% is still produced in natural gas. This lack of resources can have a major impact on many miners.