Bitcoin, Strategy, and Crypto Stocks Rebound as Trump Signal Cools Iran Attack Fears — Barrons.com
By Mariapaula GonzalezThe price of Bitcoin and other cryptocurrency stocks dropped earlier this week as global tensions intensified and energy costs rose, but have recovered some after President Donald Trump said he wouldn't launch further attacks on Iran before the midterm elections in early November.Bitcoin has risen 0.9% over the last 24 hours to $82,474.54, according to CoinDesk. The cryptocurrency has fallen 2.2% this week, marking its worst weekly performance since the week ended on Sept. 11, when the price dropped 3.2%, according to Dow Jones Market Data.The Bitcoin rebound came on the heels of a Truth Social post from Trump on Thursday, in which he said the U.S. wouldn't attack Iran before the midterm elections on Nov. 3.Meanwhile, Brent crude fell about 1.5% Friday to around $103 a barrel.The turnaround, and recent price target increases, also gave crypto stocks a boost. Strategy rose 2.2% in premarket trading to $154.80. The stock, however, was having its worst week since the week ended on Sept. 11. Barclays raised its price target on the stock to $175 from $160 on Friday.Robinhood Markets gained 1.7% to $108.82 and Coinbase advanced 1.9%. This week, however, the stocks have fallen 3.5% and 4.4%, respectively, marking their worst performance since last week.Morgan Stanley bumped up its price target for Robinhood to $160 from $150 on Friday, while raising its target for Coinbase to $258 from $250.Last week, Bitcoin reached $86,000, following remarks from Fed Vice Chairman Philip Jefferson, who demanded patience as the central bank evaluates economic data before making further rate decisions.Write to Mariapaula Gonzalez 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.