Investing.com — Bitcoin rose slightly on Friday and was on track for an even more marginal gain for the week. The cryptocurrency has seen a back-and-forth between a risk-focused asset sell-off and escalating tensions between the United States and Iran in the face of positive inflation data, leading to a largely flat performance.
The global price rose 0.1% to $64,003.1 as of 6:19 p.m. ET (10:19 p.m. GMT). For the week, it was also 0.1% higher.
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Bitcoin Widely Under Pressure Amid Rate Jitters, Iran Tensions
Earlier this week, Bitcoin saw a sharp rally on Tuesday that took it above $65,000, helping economic data that showed a moderation in U.S. consumer prices in June. This report was followed by a similar report on producer prices, and helped to allay some fears that an interest rate hike was imminent.
However, several Federal Reserve officials have taken a hawkish tone on policy. Dallas Fed President Lorie Logan called for “slightly higher” rates, following a similar warning from Gov. Christopher Waller, with both officials raising concerns about persistent inflation.
Fed Chairman Kevin Warsh also reiterated earlier this week the bank’s commitment to maintaining its annual inflation target of 2%, although he did not specify how the central bank would achieve this goal.
But that data was countered by soaring oil prices this week, which reignited inflationary concerns, triggered by an escalation of fighting between the United States and Iran over control of the Strait of Hormuz. The US military hit Iran on Friday with a new wave of strikes in a sustained bombardment that continued for seven straight nights. Meanwhile, Iranian state media said the United States had targeted infrastructure, including bridges.
Higher rates bode ill for non-yielding speculative assets like crypto, given that they increase the opportunity cost of investing in the sector. Bitcoin has largely underperformed since the US-Iran war began in February and is also trading down about 27% so far in 2026.
Bitcoin spot exchange-traded funds have been set to…
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