Bitcoin Falls to Around $71,000 on Profit-Taking Amid Middle East Uncertainty [Crypto Briefing]

According to Financial News, Bitcoin fell to around $71,000 on the 6th. The decline appears to be driven by profit-taking, as expectations for a quick resolution of uncertainty in the Middle East have weakened.
Data from global digital asset platform CoinMarketCap showed that as of 11 a.m. that day, Bitcoin was trading at around $71,000, down 1.69% over the previous 24 hours. Over the past week, however, Bitcoin has gained 5.77%.
In the Korean won market, Bitcoin was trading at around 104.4 million won. Based on figures from global crypto market comparison platform Cryprice, the Korea premium stood at -0.62%.
The day before, Bitcoin briefly climbed to around $73,000, showing strong momentum. It was the first time in about two weeks, since the 15th of last month, that Bitcoin had risen above the $70,000 level. After this sharp rebound, some investors moved to lock in profits.
The previous day’s rally in Bitcoin was fueled by hopes that the military standoff between the US and the Islamic Republic of Iran could be resolved in the near term. Those hopes have since faded, and growing concern that the situation may drag on has dampened investor sentiment. As a result, the three major indices in the New York stock market all closed lower on the 5th local time.
Fears that a prolonged crisis could lead to an extended closure of the Strait of Hormuz are also mounting. Reports that an oil tanker near the strait was hit by a missile attack from the Islamic Republic of Iran have pushed oil prices higher. May-delivery Brent Crude Oil futures at one point traded at $85.41, up $4.01, or 4.93%, from the previous session.
Even so, overall investor sentiment has not deteriorated severely. CoinMarketCap’s "Crypto Fear and Greed Index" stood at 26 that day, indicating "fear," slightly higher than the previous day’s reading of 25. The index ranges from 0 to 100, with values near 0 interpreted as "extreme fear" and those near 100 as "extreme greed."
At the same time, Ethereum was trading at around $2,088, down 1.15% over the previous 24 hours. Ripple (XRP) was changing hands at around $1.41, a decline of 0.64%.

yimsh0214@fnnews.com Lim Sang-hyuk Reporter