Bitcoin moved above $71,000 on Wednesday, gaining more than 6% over the past 24 hours and leading a broad rally across major cryptocurrencies.
The largest digital asset by market value climbed to $71,023 during European trading hours, according to CoinDesk data, highlighting its resilience despite escalating tensions in the Middle East. In contrast, gold — traditionally considered a safe-haven asset — has lost momentum.
Other major cryptocurrencies also advanced alongside bitcoin. Ether (ETH), XRP and solana (SOL) each rose between 4% and 6%, reflecting renewed strength across the digital asset market.
The CoinDesk 20 Index, which tracks a wide basket of leading cryptocurrencies, increased by more than 5% to around 2,025 points.
According to Tagus Capital, bitcoin may increasingly behave as a defensive asset during periods of geopolitical stress. However, the firm noted that gold’s recent decline shows that even traditional safe havens can be influenced by broader market dynamics.
“Bitcoin may now exhibit some defensive characteristics during crisis periods, but gold’s retreat highlights that even classic safe-havens are not immune to market dynamics, positioning Bitcoin as a more flexible yet still high-beta alternative,” Tagus Capital wrote in its daily newsletter.
Bitcoin’s rally pushed the asset to its highest level since Feb. 8, even as geopolitical risks have intensified. Iran’s move to block oil shipments through the Strait of Hormuz has raised concerns about potential energy supply disruptions and rising global inflation.
Despite the growing conflict involving Iran, Israel and the United States since the weekend, bitcoin has remained relatively stable, with downside pressure largely limited near the $65,000 level.
Gold, meanwhile, has retreated after an earlier surge. The metal climbed above $5,400 per ounce on Monday before slipping to about $5,160.
Asian equity markets have also come under pressure. Regional indexes declined sharply, led by South Korea’s Kospi, as higher oil import costs weigh on investor sentiment.
