Bitcoin was edging lower on Thursday, the latest sign that the cryptocurrency isn’t getting much of a boost from the Israel-Iran war.
The world’s largest crypto was down 0.1% over the past 24 hours to $104,894, according to CoinDesk data. It’s now trading about 7% below the record high it hit last month.
Other cryptos were also sliding. Ethereum fell 0.7%, XRP slid 0.4%, and Solana dropped 1.7% 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.
