Cryptocurrency Market Outlook: Bitcoin Remains Resilient Despite Global Uncertainty

Bitcoin has maintained its stability around $105,000 following the Federal Reserve's decision to keep interest rates unchanged. Despite the ongoing Israel-Iran conflict, which has now entered its seventh day, and the potential risks to investments, the cryptocurrency has not dipped below the $100,000 mark since May 8. The Fed's announcement also included a revised economic growth forecast, with a lower GDP increase of 1.4% and higher inflation expectations. The dot plot indicated that policymakers anticipate fewer rate cuts through 2027 compared to their previous projections. A key factor supporting the largest cryptocurrency and the broader crypto market is the growing trend of companies adopting bitcoin as a treasury asset. The number of publicly traded holders has risen to 129, with an additional 106 private companies and sovereign entities bringing the total to 235, representing a 27-entity increase over the past 30 days. Geopolitical tensions in the Middle East remain high, with Israel launching airstrikes on Iranian targets and Iran retaliating with a missile attack on a hospital in southern Israel. In response, Israel's defense minister has vowed to escalate hostilities further. The price of Brent crude has surged 1% to $77.45, its highest level since January, exerting upward pressure on global energy and food prices. European stock indexes and US equity index futures have declined. Although US markets are closed for the Juneteenth holiday, the crypto market remains open 24/7. Key events to watch include the CoinDesk Policy & Regulation conference in Washington on September 10, which will bring together general counsels, compliance officers, and regulatory executives with public officials responsible for crypto legislation and oversight.