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Bitcoin hovered around $105,100 on June 14, down 0.22% over the past 24 hours as traders digested geopolitical tension. Price action remained relatively tight, with BTC moving within a $2,090 range from $104,220 to $106,135. The largest moves occurred overnight in Asia trading, where Bitcoin briefly dipped below $104,200 before rebounding on high volume.

Much of the recent volatility has been driven by developments in the Middle East. The Israel-Iran war, which some analysts fear could spread to other parts of the Middle East, combined with trade tensions between the U.S. and some of its key trading partners, has unsettled risk markets. More than $1.1 billion in crypto liquidations were recorded during the initial wave of conflict headlines, though bitcoin has shown resilience in the aftermath.

Traders appear to be leaning bullish in the medium term, as BTC continues to hold a pattern of higher lows despite intraday wobbles. Profit-taking near $106,000 capped upside momentum, but support near $105,000 continues to draw buyers on dips. Market participants are watching this range closely, particularly as safe-haven demand and risk sentiment remain intertwined.

While short-term headlines continue to drive volatility, the broader structure suggests BTC is consolidating rather than reversing. If support around $104,950 holds, Bitcoin may attempt another push above $106,200.

Technical Analysis Highlights

• BTC traded in a $2,090 range from $104,182 to $106,272 over the past 24 hours.
• A key bounce occurred at $104,182 with 15,342 BTC traded during the recovery.
• Resistance formed near $106,200 amid consistent profit-taking.
• A rising trendline of higher lows remains intact.
• Psychological support at $105,000 is holding for now.
• Recent price range: $104,875 to $105,202 in the last hour.
• A sharp dip below $105K at 07:19 reversed quickly, with $105,200 acting as near-term resistance.
• Final 15-minute candles showed minor exhaustion, but volume patterns suggest accumulation on dips.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Gold price is nearing its all-time high at $3,433, further fueling its up-and-to-the-right rally in 2025, as escalating tensions in the Middle East drive investors toward traditional safe-haven assets.

The surge in gold price reflects not only geopolitical uncertainty but also a broader shift in global reserve strategies. The ECB reported last week that gold had overtaken the euro in 2024 as the world’s second-most important reserve asset, driven by record purchases by central banks.

Over the past month, the spot gold price has climbed nearly 5%, rebounding from a mid-May low of around $3,123 and gaining 1.6% overnight, pushing it above $3,400 and close to its April all-time high of $3,500. For the year so far, gold is up more than 30%, making it one of the best-performing asset classes in 2025.

Geopolitical uncertainty is driving gold price higher

The primary catalyst for gold’s recent gains is the escalation of tensions in the Middle East following Israel’s military strike on Iran’s nuclear sites. Markets have grown increasingly nervous about the potential for broader regional conflict and prompting a flight to safety, as investors pile into gold.

The Dow Jones Industrial Average fell 679.83 points and the S&P 500 dropped 1.13%, as the price of oil soared by 7%  in a single day, the largest intraday move since the early days of the Ukraine war. Despite an initial tumble, Bitcoin recovered to $105,000 at the time of writing, showing relative stability.

Higher oil prices are expected to drive up costs for gasoline and diesel, adding to inflationary pressures that are already a concern for central banks and consumers alike and enhancing gold’s appeal as a hedge against inflation and economic instability.

Gold overtook the euro among reserve assets in 2024

Gold’s rise to become the world’s second-largest reserve asset in 2024, surpassing the euro, is a sizable development in global finance. According to the latest data from the ECB report, the U.S. dollar remains dominant with a 46% share of global reserves, followed by gold at 20% and the euro at 16%.

The shift reflects a long-term trend of central banks diversifying their reserves away from traditional currencies in response to geopolitical risks and concerns over the weaponization of the dollar.

Central banks have been net buyers of gold for three consecutive years, with annual purchases exceeding 1,000 tonnes, double the pace of the previous decade. Demand is expected to continue, stoking the bullish case for gold and prompting everyone’s favorite gold bug, Peter Schiff, to comment:

“Gold is close to a new record high, but the $GDX is already trading at its highest level since Sept. 2012. The fact that gold mining stocks are now leading the metal is a sign that this gold bull market has kicked into a higher gear, as is the recent breakout in silver. Got gold?”

Gold’s performance in 2025 reinforces its appeal as a safe-haven asset, with prices close to all-time highs and its new status as the world’s second-largest reserve asset. Meanwhile, while Bitcoin continues to hold steady, the world’s number-one crypto has yet to displace gold as the ultimate hedge in turbulent times.

Discussions around the personal enrichment and potential conflict of interest arising from U.S. President Donald Trump’s crypto asset ventures gained steam over the past week. These concerns are slowing not only the progress of the stablecoin legislation but also broader crypto policy. The founder of fintech venture capital fund Launchpad Capital, Ryan Gilbert, told CNBC:

“It’s unfortunate that personal business is getting in the way of good policy…I would hope that everybody in the administration, including the president, gets out of the way of good policy.”

The stablecoin legislation, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, aims to establish a regulatory framework for U.S. payment stablecoins.

The bill “is generally perceived to be the legislation that’s gonna be the easiest to get through,” Katrina Paglia, chief legal officer at venture capital firm Pantera Capital, told CNBC earlier this week. Therefore, Paglia was disappointed when the GENIUS Act failed to pass the Senate on Thursday with a 48-49 vote, but was not “surprised.”

Ethical concerns around Trump’s profits from crypto assets and ventures had blocked discussion of the draft U.S. crypto market structure bill scheduled for May 6. The market structure bill was introduced on Monday, aiming to provide much-needed regulatory clarity. The bill aimed to provide clear guidelines on how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) would classify and oversee digital assets.

The sequence of events that raised conflict of interest concerns

Days before Trump’s inauguration, he launched the official $TRUMP memecoin, whose price spiked to an all-time high of $75 on Jan. 19, according to CryptoSlate data.

The price of $TRUMP fell rapidly after Trump’s inauguration, leading small investors to lose over $2 billion. Meanwhile, Trump-linked companies, which control 80% of the memecoin’s supply, earned around $100 million in trading fees by Jan. 30, Reuters reported in February.

In March, Trump family representatives were reportedly in talks to acquire a stake in the U.S. arm of Binance, which paid a historic fine after pleading guilty to violating anti-money laundering laws in 2023.

On March 13, the Senate Banking Committee passed the GENIUS Act. On March 25, World Liberty Financial, a decentralized finance project linked to the Trump family, announced plans to launch its own stablecoin, USD1.

The investment by Abu Dhabi-based investment giant MGX into Binance was announced on March 12. But on May 1, WLF co-founder confirmed that USD1 was selected to execute the transaction, according to Reuters. MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed. Abu Dhabi’s state-owned $330 billion wealth fund Mubadala, is a partner in MGX.

In late April, Trump invited the top 220 of his memecoin holders to a private audience at a gala dinner on May 22. At the time, Democratic U.S. senator for Georgia Jon Ossoff called the move an “impeachable offense.”

Earlier this week, the Financial Times reported that insiders made nearly $100 million by buying the memecoin of Melania Trump, the U.S. First Lady, hours before its public launch.

Past week intensified tensions around ‘Trump’s corruption’

The GENIUS Act was supposed to sail through. But last weekend, nine Senate Democrats, including four who previously voted for the bill, said they would withhold support if the bill was not revised to address national security and money laundering concerns.

On May 6, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, used the time scheduled to discuss the crypto market structure bill to protest against “Trump’s corruption.” Waters stated that Trump made at least $350 million from his memecoin, adding:

“Trump ran on a campaign to put more money in the pockets of Americans—turns out he just meant his pockets and those of his cronies.”

At the same hearing, Chastity Murphy, senior advisor for financial institutions at the Treasury Department, said Trump’s crypto empire is a vehicle for “influence peddling, bribery, and regulatory capture.” Representative Stephen Lynch asserted that Trump has earned around $2.9 billion—nearly 40% of his wealth—from his crypto ventures.

On May 7, U.S. Senator Mark Kelly introduced the End Crypto Corruption Act to prohibit members of Congress and family members from “issuing, endorsing, or sponsoring crypto assets, such as meme coins and stablecoins.” He noted:

“Trump is cashing in on his presidency and making millions from his own crypto coins—this is corruption in broad daylight.”

In a letter on Friday, Democratic Senators urged Treasury Secretary Scott Bessent and Attorney General Pam Bondi to investigate Trump’s ties to Binance, Bloomberg reported. Meanwhile, former Binance CEO Changpeng Zhao (CZ), who served four months in prison, has requested a pardon from Trump.

Senator Jeff Merkley told CNBC in a statement:

“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls…This is a profoundly corrupt scheme.”

Despite the concerns, Senators from both parties have already started negotiating since the failed vote on Thursday and could vote on the GENIUS Act again as soon as next Monday. Most lawmakers expect the GENIUS Act to eventually pass the Senate and land on Trump’s desk, but the timeline is uncertain amid the conflict of interest concerns.

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