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Bitcoin edged slightly higher on Thursday, remaining largely insulated from the geopolitical developments unfolding in the Middle East.

The world’s largest cryptocurrency was last trading about 2% higher at $71,653.5 as of 20:23 ET (00:23 GMT).

Prices appear to be consolidating around the $70,000 level as investors assess the ongoing conflict involving the United States, Israel, and Iran.

Oil prices surged back toward $100 per barrel, raising renewed concerns about inflation.

Crude oil prices climbed back toward $100 per barrel, rekindling concerns about inflation. Oil markets were the main force shaping investor sentiment. Brent crude rose above $100 a barrel after retreating from Monday’s spike near $120, its highest level in almost two years.

The latest escalation in the Middle East involved attacks on two fuel tankers in Iraqi territorial waters and strikes on commercial vessels passing through the Strait of Hormuz, a vital global oil chokepoint.

About one-fifth of the world’s oil shipments pass through the strait, but tanker traffic has slowed sharply due to security concerns. Iran’s new leader, Mojtaba Khamenei, said on Thursday that the waterway will remain closed.

The surge in energy prices has renewed fears of global inflation just as central banks had begun considering policy easing. Analysts warn that oil remaining above $100 per barrel could complicate the U.S. Federal Reserve’s plans to cut interest rates and weigh on risk-sensitive assets like cryptocurrencies.

In recent months, Bitcoin has often moved alongside broader risk assets, and traders worry that another inflation shock could reduce market liquidity.

Investors are also watching key U.S. economic data for signals about the Federal Reserve’s next policy moves.

Weekly jobless claims declined slightly last week, indicating that layoffs remain relatively limited. Initial claims for unemployment benefits totaled 213,000 in the week ending March 7, below expectations and slightly down from 214,000 the previous week, according to the Labor Department.

Continuing claims, which measure the number of people still receiving unemployment benefits, fell to 1.85 million in the week ending February 28 from 1.87 million the week before. This data typically lags initial claims by one week.

The jobless claims report follows weaker-than-expected U.S. employment figures released by the Labor Department last week. Meanwhile, the U.S. Personal Consumption Expenditures (PCE) price index—the Federal Reserve’s preferred measure of inflation—is scheduled for release on Friday.

Tether invests in Ark Labs to support programmable payments on Bitcoin.

Tether said Thursday it has invested in Ark Labs as part of a funding round aimed at advancing programmable payments on the Bitcoin network.

The investment was included in a $5.2 million round for the startup, which is developing infrastructure to enable faster transactions and support application development on Bitcoin. With this latest funding, Ark Labs said its total capital raised has reached about $7.7 million.

Ark Labs is building Arkade, a system designed to operate as an execution layer on Bitcoin. The platform aims to help developers create services such as payment networks, lending applications, and digital asset platforms on top of the blockchain.

The project focuses on improving Bitcoin’s practicality for financial services that require quicker settlement and greater automation.

Alongside Tether, the round also attracted backing from Ego Death Capital, Epoch VC, Lion26, Sats Ventures, and Contribution Capital. Anchorage Digital, former PayPal vice president of finance Ralph Ho, and several other investors from the digital asset and fintech sectors also participated.

The project aims to enhance Bitcoin’s usability for financial services that require faster settlement and greater automation.

Alongside Tether, the funding round also drew investments from Ego Death Capital, Epoch VC, Lion26, Sats Ventures, and Contribution Capital.

Anchorage Digital, former PayPal vice president of finance Ralph Ho, and several other investors from the digital asset and fintech sectors also took part in the round.

Crypto prices today: altcoins edge higher.

Most altcoins followed Bitcoin higher on Thursday.

The world’s second-largest cryptocurrency, Ethereum, rose 3.9% to $2,135.71.

The third-largest crypto, XRP, gained 1.2% to $1.4083.

Solana climbed 4%, while Cardano advanced 2.9%.

Among meme coins, Dogecoin jumped 4.5%.

Sources: Anuron Mitra