Asian markets plunged on Monday as the fallout from US and Israeli military strikes on Iran sent oil surging, stocks tumbling, and investors scrambling for safe havens — but Bitcoin held up better than expected, trading around $66,500 after a weekend that saw it swing between $63,000 and $68,000. With the Strait of Hormuz effectively shut and Brent crude up as much as 13%, the conflict is now testing whether Bitcoin’s 24/7 liquidity makes it a crisis shock absorber or just another risk asset caught in the downdraft. Bitcoin, down 2.2% on the day, outperformed the steep losses in equity futures and Asian stock benchmarks. Nikkei opened down 2.15% before paring to –1.66%.
Brent had jumped as much as 13% at the open, but WTI was up just 4.24% by midday. By early Monday in Asia, Bitcoin was trading at around $66,543, with a 24-hour range of $65,149 to $68,043. The 24-hour trading volume topped $43.6 billion, reflecting heightened activity as traders repositioned ahead of the US market open. Bitcoin funding rates at –6% and Fear & Greed at 15 signal extreme bearish positioning in derivatives.
The market setup underscored ongoing volatility as investors reassess risk amid geopolitical headlines and energy-price shocks. Traders remain focused on whether Bitcoin’s liquidity can cushion downside during crises or whether it mirrors broader risk-on assets in a turbulence-filled week ahead.
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