Bitcoin is experiencing volatility amid a weakening US dollar and ongoing geopolitical conflict, with analysts noting a potential capital shift towards cryptocurrencies.
Despite the US dollar's lack of safe-haven strength during the Iran-Israel conflict, Bitcoin is attempting to rebound towards its all-time high of $111,970. The US Dollar Index has fallen to its lowest level since February 2022, trading at 97.50, while Bitcoin trades at $107,930. Analysts note that Bitcoin's recent strength contrasts with the typical market expectation of a flight to safety during geopolitical tensions, suggesting a shift towards cryptocurrencies as emerging market assets.