Bitcoin held near $68,600 on Tuesday even as global equities tumbled amid escalating Middle East conflict and surging energy prices.
The world’s largest cryptocurrency slipped less than 1% over 24 hours, briefly dipping below $67,000 after an early move above $69,000 before quickly reclaiming the $68,000 level.
This comparatively flat performance contrasted sharply with steep equity losses, including a 3.1% drop in Japan’s Nikkei 225 and a 7.2% plunge in South Korea’s KOSPI.
Hong Kong’s Hang Seng Index fell 1.1%, China’s Shanghai Composite lost 1.4%, and Spain’s IBEX 35 declined 4.55% as investors reacted to Iranian strikes on energy and civilian infrastructure across the Gulf states.
Analysts warned of a potential “double-whammy” of supply chain disruption and accelerating inflation as uncertainty around the Strait of Hormuz threatens global commodity flows.
Bitcoin’s steadiness has fuelled debate over whether it is decoupling from tech stocks after long trading as a high-beta risk asset, with some observers suggesting it is beginning to behave more like digital gold.
If bitcoin sustains its $68,000 support while broader markets remain under pressure, proponents argue the narrative of a sovereign, non-debasable asset could gain traction, though volatility is expected to remain elevated as geopolitical risks unfold.
At the time of reporting, Bitcoin price was $68,304.41.