- Bitcoin is off to a shaky Tuesday as the US prepares to launch a series of attacks on Iran for its refusal to negotiate a compromise over the Strait of Hormuz affair.
- US intelligence agencies have issued warnings to private companies about attacks by Iranian hackers on critical cyber infrastructures.
Bitcoin (BTC) is once again hit with macro shocks, falling back to the $67K range after a brief return to $70K. The culprit appears to be Iran’s hard-line stance against negotiating for a compromise with the US.
Traders and investors are closely watching the $65K to $66K zone as the strongest support of the ongoing trend. Meanwhile, the $72K level remains a major resistance point.
The geopolitical standoff in the Middle East is directly feeding into Bitcoin’s bearish short-term thesis through the energy sector. Additionally, threats to America’s private cyber infrastructure are playing with the high positive correlation between BTC and tech stocks in the short-term chart.
Dimming Hopes for De-Escalation in US-Iran War
Iran has recently countered the USA’s 15-point peace plan with a proposal heavily favoring its side, hinting that it’s not willing to play ball unless its rival meets all its demands. It included reparations and guarantees that the US would permanently end all hostilities against the Middle Eastern nation.
Esmaeil Baghaei, Spokesperson of the Iranian Foreign Ministry, clarified on Tuesday that the Islamic Revolutionary Guard Corps (IRGC) is not giving in to US President Donald Trump’s ultimatum. The US president notably warned Iran that “a whole civilization will die” if it continues to keep the Strait of Hormuz closed to international maritime activities, which has been responsible for the continuous uptick in oil prices and other commodities worldwide.
Despite Trump’s earlier reassurance of a possible de-escalation in the Middle East conflict, the latest developments have dimmed any hope of further negotiations from the concerned parties. Even Qatar has voiced the same level of uncertainty about the US and Iran reaching a deal soon.
In light of Trump’s deadline, Pakistani Prime Minister Shahbaz Sharif asked the US president to extend the ceasefire, claiming that diplomatic channels remain open for the potential termination of the war. Pakistan is reportedly one of the key mediators in the Middle Eastern conflict.
Threats to the USA’s Private Cyber Infrastructures
US intelligence agencies are “urgently warning” private sector companies to undertake the necessary safeguards against “exploitation activity” by Iranian actors. They stated that these groups have already disrupted several vital infrastructure systems.
One of the big names that came out of the notice was Rockwell Automation’s Allen-Bradley, an industrial automation brand, which Iran’s cyber attackers were exploiting “programmable logic controllers across US critical infrastructure.” Sources claim that the trend is currently escalating at scale as Trump’s impending attack on Iran’s power plants and bridges looms.
