The price of Bitcoin (BTC) and other cryptocurrencies has turned volatile amid signs that the war in Iran is set to continue.
Bitcoin rose from just under $80,000 U.S. to $82,400 U.S. over the weekend before reversing sharply lower after the U.S. and Israel said that the Iran war is “not over.”
In early trading on May 11, BTC is whipsawing between $79,000 U.S. and $81,000 U.S. as crude oil prices jump back above $100 U.S. a barrel and equities slide lower.
Other cryptocurrencies are also experiencing volatility to begin the trading week. Ethereum (ETH), Solana (SOL), and XRP (XRP) are each down more than 1% in early trading.
This after the U.S. and Israel rejected the latest peace proposal from Iran and indicated that the bombing of Iran could resume in coming days.
Open interest on crypto futures remains pinned just above $130 billion U.S. for the fourth straight day, pointing to a lack of fresh inflows and stalled momentum across derivatives markets.
Centralized exchanges have liquidated more than $400 million U.S. in leveraged futures bets over the past 24 hours, with short bets accounting for most of that amount.
Despite rallying from a low of $60,000 U.S. in February of this year, Bitcoin’s price remains down 35% from an all-time high of $126,000 U.S. reached in October of last year.
