Bitcoin Price Rises. Watch the Dollar for Clues on Where Cryptos Goes Next. — Barrons.com
By George GloverBitcoin was edging higher on Thursday, although the cryptocurrency still isn't getting much of a boost from the Israel-Iran war.The world's largest crypto up 0.1% over the past 24 hours to $104,584, according to CoinDesk data. It's now trading about 7% below the record high it hit last month.Other cryptos were also rising. Ethereum gained 2%, XRP added 1.2%, and Solana climbed 0.2% over the past 24 hours, per data from Kraken.Digital-asset bulls often argue Bitcoin acts as a safe haven like gold or U.S. Treasury bonds, but it's not been living up to that reputation since the conflict between Israel and Iran began last week.Bitcoin has "failed to capitalize on the latest rise in risk appetite in financial markets," Alex Kuptsikevich, chief market analyst for the foreign exchange brokerage FxPro, said in a note earlier this week.However, he added that the crypto could still serve as a hedge in times of macroeconomic uncertainty, particularly if sweeping tariffs carry on weighing on the dollar."If the U.S. Dollar Index continues to fall due to the White House's tariff policy, Bitcoin will grow," he wrote.The U.S. Dollar Index, which tracks the strength of the greenback against a weighted basket of other currencies, is on pace for one of its worst first halves on record, with investors pivoting away from the buck due to worries that tariffs could slow down growth.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.