Bitcoin Holds $70K as Oil Surges and Stocks Fall Amid Iran Tensions
Bitcoin (BTC $71,809) remains just above $70,000, showing resilience even as rising oil prices and geopolitical risks weigh on global markets.
Crude oil jumped more than 10% on Thursday, approaching $100 per barrel amid concerns over the Strait of Hormuz, a key oil shipping route. U.S. President Donald Trump said, “Stopping Iran is of more concern to me than oil prices,” while Iran’s newly appointed supreme leader, Mojtaba Khamenei, suggested the strait should remain closed.
“Control of the Strait is uncertain and may require severe concessions, boots on the ground, or major military risk,” said Quinn Thompson, founder of Lekker Capital.
Equities reacted sharply. The Nasdaq dropped 1.6% and the S&P 500 fell 1.2%. Financials were hit as Morgan Stanley capped redemptions on its $8 billion North Haven Private Income Fund, pushing its shares down 4%. JPMorgan, Citigroup, and Wells Fargo fell around 3%, while private equity firms KKR, Apollo, and Ares Management declined 3–4%.
Gold slipped 0.6%, and the 10-year U.S. Treasury yield rose three basis points to 4.23%.
According to CoinShares’ James Butterfill, oil is now the dominant driver of markets: “Energy costs and geopolitical tensions are overshadowing traditional labor market signals.”
Despite the turmoil, Bitcoin has held firm, supported by institutional interest in infrastructure that unlocks Bitcoin’s financial utility. Dom Harz, co-founder of layer-2 blockchain BOB, noted that investors are increasingly seeking ways to spend, save, and earn with Bitcoin beyond simple price exposure.
