Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Cryptocurrency remains stable despite fluctuations in Bitcoin, as crypto stocks rise amid easing concerns over AI.
Coinbase, Circle, Galaxy, IREN, and Riot spearheaded the early morning recovery among crypto-related stocks as the struggling software sector experienced some respite.
(Raphaël Biscaldi/Unsplash)
Key points:
- Despite a few fluctuations around the thousand-dollar mark, bitcoin is holding steady in the vicinity of $67,000 during late-morning trading in the U.S.
- Gold has regained the $5,000 mark, and oil prices surged as Polymarket indicated over 50% odds of U.S. military action against Iran before mid-March.
- Crypto stocks have rebounded, outperforming the relatively stagnant cryptocurrencies.
Bitcoin appears to be struggling to establish a clear trend, experiencing significant volatility in the early hours of the U.S. session on Wednesday, with purchases quickly following dips and recoveries being short-lived.
After losing its overnight momentum above $68,500, BTC fell beneath $67,000 at the onset of U.S. trading. Buyers swiftly intervened, pushing the price up to $68,300, but this increase was short-lived as values soon reverted to $67,000. Ether (ETH) mirrored this trajectory, dropping back below $2,000 and registering roughly a 1% decline over the previous 24 hours.
STORY CONTINUES BELOWStay updated with the latest news.Subscribe to the Crypto Daybook Americas Newsletter today. See all newslettersSign me up
Part of the mixed signals came from traditional markets. On one side, a more stable sentiment in risk assets emerged as fears surrounding artificial intelligence disruption in the tech sector eased. The iShares Expanded Tech-Software ETF (IGV), a benchmark for the software sector that had faced pressure in recent weeks, rose by 1.9% during morning trading, indicating some relief.
The broader Nasdaq index increased by 1.3%, while the S&P 500 rose by 0.85%>
Conversely, geopolitical concerns resurfaced as traders prepare for potential escalation between the U.S. and Iran. Traders on the prediction market Polymarket now assign over 50% probability that the U.S. will conduct strikes against Iran before March 15, an increase from approximately 30% just a day prior.
Gold rose by 2.5% to regain the $5,000 level, with silver climbing by 6%. U.S. crude oil prices surged more than 3% to surpass $64 a barrel, reflecting increased supply risks.
Amid the volatile crypto price movements, crypto-related stocks experienced gains. Leading exchange Coinbase (COIN), stablecoin provider Circle (CRCL), and digital asset investment firm Galaxy (GLXY) all saw increases of 3%-5%.
Mining companies and AI-related data center firms such as Riot Platforms (RIOT) and IREN (IREN) performed even better, each reporting gains of 5.5%.
