While the Bitcoin price fell towards the $69,000 level on Thursday, the spread of Iran-centered tension across the Middle East weakened risk appetite in global markets. Attacks on energy infrastructures and related developments caused investors to take more cautious positions. Although the crypto market fluctuated during this period, it exhibited more limited movements compared to other asset classes.
Energy prices and inflation concerns came to the fore
As oil prices approached the level of $100 per barrel again, energy markets were at the center of developments. Information that the United States was not planning a ban on crude oil exports reversed the decline in prices. Increasing energy costs have strengthened inflation pressure and raised the expectation that central banks may postpone their interest rate reduction plans.
Sharp sales were seen in traditional markets
Increasing uncertainty increased selling pressure in stock markets. S&P 500 and Nasdaq indices fell approximately 1 percent in morning trading, approaching their lowest levels of 2026. As investors began to price the economic effects of the energy shock, the tendency to move away from risky assets became evident.
There was a remarkable retreat in precious metals. While gold decreased by 5 percent to around $4,500 per ounce, silver decreased by 6.6 percent and entered a sharp correction period after the strong rise in the previous weeks. These movements indicated that investors were pursuing a broad risk mitigation strategy.
The crypto market suffered relatively limited losses
Crypto assets displayed a more balanced outlook compared to other markets. Bitcoin was trading at $69,400, down about 2.6 percent, while losses in major assets such as ether, XRP, BNB and solana remained below 3 percent. The broad CoinDesk 20 index fell by approximately 2.1 percent.
Crypto-related stocks also declined, but this decline was more limited. Coinbase shares fell 1.7 percent, Strategy shares fell 2.6 percent, while stablecoin issuer Circle lost 6 percent. Circle shares have pulled back after more than doubling in the past three weeks.
Bitget Wallet COO Alvin Kan stated that the simultaneous depreciation of gold and Bitcoin indicates a general risk reduction trend rather than an orientation towards safe havens.
The increase in energy prices strengthens inflation expectations, which creates an environment where interest rates can remain high for longer and tightens liquidity.
Wintermute trader Bryan Tan emphasized that Bitcoin performed approximately 20 percent better than gold in the first phase of the Iran tension. However, the lack of a permanent movement above the $ 75,000 level revealed that the market remained cautious.
While each new headline regarding the conflict rapidly changes market sentiment, the high correlation with oil prices suggests that maintaining positions at current levels is a strong strategy.
