Investing.com — Bitcoin edged lower on Friday, hit by a broader decline in risk appetite amid heightened Middle East tensions and uncertainty over a raft of new U.S. trade tariffs.
Broader cryptocurrency prices also retreated, trimming some of their gains made earlier in the week.
fell 1.5% to $64,158.5 by 17:17 ET (21:17 GMT). The world’s largest crypto was set to gain 0.3% this week.
Broader losses in equity markets, amid a rout in high-flying technology and artificial intelligence stocks, also limited appetite for crypto.
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Bitcoin spooked by Iran, tariff jitters
Bitcoin’s Friday losses came amid a wave of risk-averse cues. The U.S.-Iran conflict appeared to have entered a new front after Yemen’s Iran-backed Houthis attacked two Saudi ships in the Red Sea, presenting more potential supply disruptions for oil markets.
Crude prices surged this week, driving concerns over energy-driven inflation that could elicit a more hawkish outlook from global central banks.
Adding to the cautious tone, the Donald Trump administration announced new trade tariffs on 60 trading partners, ramping up concerns over a renewed global trade war. The levies are set to take effect from Friday.
While oil supply disruptions and trade tariffs have little immediate effect on Bitcoin, their potential economic impact stands to hurt appetite for risky, speculative investments like crypto.
Still, Bitcoin was aided by some improvements in capital flows this week, with spot exchange-traded funds sitting on their best weekly inflow since early-May, according to data from SoSoValue.
Crypto price today: altcoins fall, set for middling week
Broader crypto prices fell on Friday and were set for muted weekly performances.
World no.2 crypto lost 1.2% to $1,860.26, while shed 1.8% to $1.0898.
was down 0.4%, while and dropped 3.2% each.
Among memecoins, and declined 0.9% and 2.7%, respectively.
Vahid Karaahmetovic and Anuron Mitra contributed to this article