Cryptocurrencies such as Bitcoin (BTC) are moving in the opposite direction from stocks on April 20 as the hostilities between the U.S. and Iran intensify.
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Prices for leading cryptocurrencies such as Bitcoin and Ethereum (ETH) are up about 1% on the day as all three major stock indices in the U.S. slide into the red with America and Iran trading threats against each other and the current two-week ceasefire between the countries set to expire on April 22.
Iran now says the Strait of Hormuz is closed after declaring the waterway open on April 17. This after the U.S. fired on Iranian vessels over the weekend. U.S. stock are down as tensions in the Middle East worsen and crude oil prices rise 6% and move back towards $100 a barrel.
Crypto Shows Resilience
Despite the market volatility, cryptocurrencies are proving to be resilient and holding the gains they achieved over the past week. BTC remains near $76,000, its highest level since February of this year. At the same time, Ethereum is trading right around $2,300.
Digital assets have held up better than stocks in the face of the geopolitical uncertainty caused by the Iran war and volatile energy prices. Still, BTC remains down 40% from its all-time high of just over $126,000 reached last October.
BTC’s Three-Month Performance
The chart below shows that Bitcoin has struggled in recent months and declined 17% in the last 12 weeks as the selloff in cryptocurrencies that began last October has continued.
