Bitcoin jumps 2% as Iran's Khamenei passes away
Business
Bitcoin shot up by over 2% to $68,196 after news broke about Iran's Supreme Leader Ali Khamenei passing away, reversing an earlier dip.
Ethereum followed suit, jumping more than 4% past $2,000.
With traditional markets closed and global tensions high, many traders shifted their focus to crypto—pushing Bitcoin derivatives trading up by $1.8 billion.
Bitcoin's role as a liquid asset
Analysts say moments like these highlight Bitcoin's role as a 24/7 liquid asset that can absorb selling pressure when world events shake other markets.
After a rough patch that wiped out $128 billion in value due to recent geopolitical turmoil, the crypto market has started to bounce back—regaining about $32 billion so far.