Bitcoin rises to three-month high, holding the crucial $80,000 level

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Golden Finance reports that on May 5th, the London Stock Exchange Group data shows Bitcoin rose to a three-month high of $81,272. Despite escalating tensions in the Middle East, the cryptocurrency continues to hold above the key level of $80,000, encouraging buyers. Naeem Aslam of Zaye Capital Markets stated in a report: “We believe this level [$80,000] is important because it indicates whether buyers are strong enough to defend Bitcoin during a week of geopolitical risks, inflation pressures, and limited new economic data.” He said that stronger institutional demand is helping to support Bitcoin. However, geopolitical instability has complex effects. Aslam said that as an alternative asset, Bitcoin benefits from instability, but concerns about inflation could reduce its appeal. Iran’s attack on a major oil port in the UAE and several ships tested the fragile ceasefire agreement.

BTC3.38%
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