FX.co ★ Bitcoin Extends Rally to Five Sessions

Bitcoin climbed nearly 1% to around $71,200 in mid-February, marking its fifth straight session of gains, as the cryptocurrency remained largely insulated from escalating tensions in the Middle East. The latest unrest in the region included attacks on two fuel tankers in Iraqi territorial waters and strikes on commercial vessels passing through the Strait of Hormuz, a key chokepoint for global oil shipments. These incidents have pushed energy prices higher, reigniting concerns about a rebound in global inflation and prompting major central banks, including the Federal Reserve, to adopt a more hawkish tone, which could weigh on risk-sensitive assets such as cryptocurrencies. Investors are now closely monitoring upcoming US economic data for clearer signals on the Fed’s policy path. Despite these uncertainties, capital has recently started flowing back into Bitcoin, following months of selling that had cut its price to about half of the record high above $126,000 reached in October.