Investing.com– rose on Saturday amid some cheap buying after a rough week, although the cryptocurrencies’ overall gains were limited by mixed signals on the U.S.-Iran peace deal.
The world’s largest cryptocurrency rose 1.2% to $63,851.0 at 2:29 p.m. ET (1929 GMT) after falling below $63,000 earlier in the week.
Track Bitcoin and the broader crypto market with InvestingPro – now 50% off
These slight gains came after several days of significant losses this week, with hawkish signals from the Federal Reserve posing a major weight.
Investors’ continued pivot to artificial intelligence stocks, from crypto, has also put pressure on the sector.
Iran closes Hormuz, US denies closure
Iran announced on Saturday that it had closed the Strait of Hormuz in response to continued Israeli hostilities in Lebanon, accusing the country and the United States of violating their ceasefire agreement.
But U.S. Central Command denied the crossing had been closed and said commercial traffic continued to flow through the area.
The mixed signals on Hormuz, coupled with the recent cancellation of US-Iran talks in Switzerland, have kept markets uncertain about a more comprehensive Middle East peace deal.
But US and Iranian officials were seen touting more dialogue in the coming days. The two countries agreed to a 60-day period of negotiations on Iran’s nuclear ambitions.
Strategy shares collapse
Attention also remained focused on the strategy and its preferred stock offering, STRC, which hit all-time lows this week.
STRC suffered an 8.3% decline this week, after briefly hitting a record low of around $83. The stock was trading about 17% below Strategy’s $100 price target.
STRC is a Strategy preferred stock offering that also pays dividends. But given the company’s heavy exposure to Bitcoin, doubts have arisen about the long-term viability of Strategy’s leveraged Bitcoin purchase.
This happened especially as Bitcoin fell to its yearly low in early June and also traded more than 50% below its October record high.
Focus on regulatory developments in cryptography
Beyond market movements, governments have continued to refine their approach to digital…
..
