Bitcoin hits $106,000 after brief drop, showing institutional interest despite global tensions

From Cointelegraph

June 23, 2025 6:46 PM:

Bitcoin surged back to $106,000, showing strong institutional demand amidst global unrest. A drop in hashrate raised concerns about mining stability amid Middle East tensions. Despite hitting $98,500 briefly, Bitcoin reclaimed $106,000 after Trump’s ceasefire announcement. Derivatives market stayed steady with $193 million liquidated in bullish leveraged positions. Bitcoin futures open interest remains at $68 billion. Analysts speculate on the impact of Middle East conflict on Bitcoin miners, noting an 8% drop in hashrate. Some analysts claim unauthorized mining operations in Iran may be using up to 2 gigawatts of electricity. Fluctuations in hashrate are common and not necessarily alarming. Oil prices fell to $77 on Sunday, coinciding with a 1% gain in S&P 500. Traders predict Fed interest rate cuts following attacks in Qatar. Implied probability of Fed maintaining 4.25% interest rate dropped to 8.4%, while odds of rates falling to 3.75% or lower by November increased to 53%. Bitcoin rebound above $100,000 signals strong institutional interest despite global tensions.

Read more at Cointelegraph: Bitcoin Hit $106K Despite Sell-off And War in Middle East