Bitcoin climbed to its highest level in a week even as global equities declined and oil prices surged amid escalating tensions in the Middle East.
Bitcoin rose about 2.6% to roughly $71,500, recovering some of the losses recorded since the US-Israel conflict with Iran began on February 28, according to market data.
The rally came as energy markets reacted to geopolitical risks, with Brent crude jumping 9.2% to trade above $100 per barrel, its largest one-day gain since 2020.
US President Donald Trump said preventing Iran from obtaining nuclear weapons remained a higher priority than oil prices despite the market volatility.
Equity markets moved lower during the session, with the S&P 500 falling 1.52%, the Dow Jones dropping 1.56% and the Nasdaq declining 1.73% as investors weighed potential disruptions to global energy supply.
Analysts said Bitcoin’s relative strength may reflect crypto-specific demand rather than a full decoupling from traditional markets.
Ryan McMillin, chief investment officer at Merkle Tree Capital, said inflows linked to a yield product offering exposure to Bitcoin were helping drive buying in the digital asset.
At the time of reporting, Bitcoin price was $71,414.07.