Geopolitical tensions lift the U.S. dollar and crude prices, adding pressure to an already fragile crypto market.
Escalating tensions in the Middle East have lifted both the U.S. dollar index and WTI crude, tightening financial conditions and pressuring risk assets. Bitcoin is on track to post its fifth consecutive weekly decline, a streak not seen since March to May 2022.
Bitcoin is on course to print its fifth consecutive weekly loss, which would mark the first such streak since March to May 2022, when bitcoin went down for nine consecutive weeks. As of Thursday Asia time, the largest cryptocurrency by market cap is already down roughly 3% on the week, below $67,000,, the U.S. has amassed its largest concentration of air power in the Middle East since the 2003 Iraq invasion. While Washington is reportedly prepared to launch strikes on Iran, President Donald Trump has not made a final decision, withfrom Wednesday’s $62 low. A stronger dollar and rising oil prices typically weigh on risk assets, creating additional headwinds for bitcoin, reinforcing a negative weekly close. Bitcoin has declined by more than 50% from its October all-time high near $126,500 to levels as low as $60,000. On a monthly basis, bitcoin has recorded five straight declines since October, the second-longest losing streak on record, surpassed only by the six-month slide from 2018 to 2019. Against gold, bitcoin is down seven consecutive months relative to the precious metal, its longest stretch of underperformance in that pairing. The exchange is widening access to its Morpho-powered lending product after a wave of liquidations earlier this month, giving holders of major retail tokens a way to borrow USDC without selling.Coinbase is expanding its U.S. crypto-backed lending service to include XRP, dogecoin, Cardano's ADA and litecoin, allowing more customers to borrow against their holdings without selling. The loans, capped at $100,000 in USDC and routed on-chain through the Morpho protocol, are available nationwide except in New York and use wrapped versions of some tokens as collateral. While marketed as a tax-efficient way to access liquidity, the product carries liquidation risk if collateral values drop and may trigger taxable events when assets are converted into wrapped tokens.7 hours ago
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