TechFlow News, March 3: According to Bloomberg, Bitcoin briefly surged above $70,000 on Monday before retreating, weighed down by concerns that the Middle East conflict could escalate and prolong, dragging other risk assets lower. Cryptocurrencies such as Ethereum and Solana broadly declined amid investor flight from risk assets.
Following U.S. and Israeli airstrikes against Iran, Iran escalated its attacks against the U.S. and its allies and threatened to close the Strait of Hormuz—a critical trade corridor—prompting investors to continue flocking to low-risk assets.
Pratik Kala, Head of Research at Apollo Crypto, stated that this is a normal cooling-off period: Bitcoin has been trading in a $65,000–$70,000 range since early February, and any breakout from this range tends to trigger profit-taking.
