Bitcoin settled below $105,000 on Thursday despite mounting risk aversion amid geopolitical tensions and a bullish stance by the Federal Reserve.

Bitcoin is up 0.4% as of 14:08 GMT to $104.8 thousand on Coinmarketcap.

Bitcoin is holding its ground despite market volatility, with NASDAQ closing down on Wednesday, and US stock futures wavering on Thursday.

Trump Agrees on Iran Strike Plans

Reports showed that Trump has approved plans for a strike against Iran but hasn’t issued the final order yet. 

The Iran-Israel military conflict continues viciously, with the US eyed for a role at busting an Iranian nuclear site deep under a mountain with a 30,000 pound bomb. 

Trump said he may or may not do it.. With the uncertainty sending gold and other alternative assets higher. 

Bullish Fed Stance

The Fed maintained interest rates unchanged while raising its inflation outlook for this year and the next.

The bullish tone of the Fed raised concerns that interest rates might remain high for an extended duration, pressuring high-risk assets such as cryptocurrencies. 

Trump Lauds New Crypto Bill

Trump welcomed the Senate’s approval of the Genius Act bill to regulate Stablecoins. 

Trump called on the House to move quickly to approve the bill and send it to him to sign. 

The news boosted some crypto-related corporate stocks, but the impact on the crypto market itself remained muted.