The price of Bitcoin, the largest cryptocurrency, has surpassed the $80,000 mark for the first time in over three months. Before 8:00 a.m. CEST, it was up 1.9 percent at $80,050. Markets are digesting mixed signals regarding Iran, Bloomberg reported. Bitcoin fell to approximately $60,000 in February.
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Bitcoin benefits from the return of major investors
The United States is beginning today to escort ships through the Strait of Hormuz that have been stranded in the Persian Gulf due to the war with Iran, U.S. President Donald Trump announced over the weekend. He also noted that these ships do not wish to return to the area until the situation is safe again. Tehran warned that it would consider any U.S. intervention in the strait a violation of the ceasefire, AFP reported.
Bitcoin reached a record high of over $126,000 in October of last year before falling to approximately $60,000 in February following a several-month slump. Since then, the cryptocurrency has gradually managed to post gains and recoup some of its losses, partly thanks to increased institutional demand, Bloomberg reported. According to data compiled by Bloomberg, U.S. bitcoin exchange-traded funds (ETFs) saw an inflow of $630 million on Friday.
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Booking Expects a Weaker Summer
In its first-quarter results, Booking Holdings confirmed that the conflict in the Middle East is affecting not only travel demand in the region but also broader travel routes between Europe and Asia. According to the available results, the company expects the negative impact on the growth of booked room nights to continue into the second quarter, while it anticipates a possible recovery in demand only in the second half of the year.
At the same time, the risk is shifting from demand to airline operations themselves. The International Air Transport Association (IATA) has warned that due to a potential shortage of jet fuel, flight cancellations could begin to occur in Europe as early as the end of May, while similar problems are already occurring in parts of Asia, according to the association. IATA CEO Willie Walsh has therefore called on authorities to have coordinated plans in place for potential rationing systems and relief measures regarding airport slots.
Source: ČTK
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