Bitcoin Stages Tepid Recovery as Iran Strikes Stir Uncertainty

(Bloomberg) — Cryptocurrency traders are on the lookout for a bottom as a recovery in prices on Sunday was confined to a narrow range, with investor confidence shaken following US and Israeli strikes on Iran.

Bitcoin rose as much as 2.2% to $68,196 after Iran confirmed the death of the country’s supreme leader Ayatollah Ali Khamenei, before falling back to about $67,000 at 7:30 a.m. in London. Bitcoin put options worth $1.87 billion were concentrated at the $60,000 level on Deribit, signaling persistent demand for downside protection.