Bitcoin traded around $68,700, slipping back below the $70,000 level after the Trump administration threatened to attack Iranian power plants if Tehran refuses to reopen the Strait of Hormuz. Prices have fallen about 3% over the last 24 hours. At the time of writing, Bitcoin was around $68,700.
Georgii Verbitskii, founder of trading platform TYMIO, said a prolonged Middle East conflict would generally be negative for Bitcoin, noting that any disruption to global trade routes increases uncertainty across financial markets. He added that Bitcoin remains tightly linked to risk assets and tends to follow equities when stock markets waver. Analysts also cautioned that Bitcoin has not yet proven itself as a safe-haven asset. Han Tan, chief market analyst at Bybit Learn, said investors should not prematurely assign safe-haven status to Bitcoin given its sensitivity to liquidity conditions rather than inflation dynamics.
The market backdrop remains volatile as macro headwinds—including the Federal Reserve’s decision not to cut rates at its March meeting—compound risk for all risk assets. Rising oil prices could intensify inflationary pressures, further weighing on crypto prices.
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