Bitcoin, Ethereum, XRP Surge. Why Cryptos Are Being Played as a Hedge Against Iran Risk. — Barrons.com
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By Alex Kozul-Wright
The price of Bitcoin rose early Monday as cryptocurrency investors continued to grapple with the market fallout from the war in Iran.
The world's largest crypto was up 3.1% to $73,687 over the past 24 hours, according to CoinDesk data. Other digital assets climbed even higher — Ethereum, the second largest token, surged 7.5% and alt-coin XRP rallied 5.2%.
Bitcoin has proved resilient to hostilities in the Middle East — it is up 10% since Feb. 28, according to FactSet data. On Sunday, President Donald Trump said he reached out to seven countries to help police the Strait of Hormuz — a critical shipping route for oil — The Wall Street Journal reported. Elevated energy prices have so far led to broad sell0ffs in financial markets in March.
Cryptocurrencies have long been perceived as speculative assets. Over the past two weeks, however, they have been behaving more like hedges against the risks from global economic uncertainty. If tensions persist, that may be no bad thing for Bitcoin.
Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
source: https://www.tradingview.com/news/DJN_DN20260316001491:0/
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