Bitcoin Resumes Upward Trend, Surpasses $62K as Crypto Market Stabilizes Following Israeli Attack

Bitcoin (BTC) has reclaimed its position above $62,000 as the cryptocurrency market shows signs of recovery following reports indicating minimal impact from an Israeli retaliatory strike on Iranian military installations.

Initial reports of the Israeli attack, surfaced by ABC News, briefly pushed down crypto and risk assets. However, subsequent updates, including reports from CNN and Al Jazeera, suggesting limited damage from the strike, have helped stabilize market sentiment.

While Bitcoin has made a notable recovery, Ether (ETH) has also witnessed a slight rebound, although it remains below the $3,000 threshold. Additionally, PAXG, a tokenized version of gold managed by Paxos, has seen an uptick of nearly 3% in response to the geopolitical tensions.

Beyond the cryptocurrency market, major stock indices in Asia have experienced declines, with Hong Kong’s Hang Seng index down 3.5%, Japan’s Nikkei 225 down 6.5%, and Taiwan’s TAIEX down 5%. Concurrently, U.S. stock futures have also fallen, while crude oil prices have seen an increase, as reported by MarketWatch.

Despite the initial market reaction to the geopolitical developments, attention is now shifting towards the upcoming halving event, indicating a return to focus on fundamental factors driving cryptocurrency prices.