Crypto markets, which had already endured a prolonged sell-off ahead of the Middle East conflict, have so far avoided posting fresh lows this week.
A modest rebound in global equities on Monday following the outbreak of a new war over the weekend is now looking short-lived. By mid-morning U.S. trading hours, major stock indices had resumed their decline.
The Nasdaq slipped to session lows, down 2.5%, while the S&P 500 fell 2.3%. European markets were hit even harder, with Italy’s IBEX 35 tumbling 5.2% and Germany’s DAX sliding 4.1%.
Precious metals, which had surged to historic highs in the run-up to the conflict, are also sharply lower. Gold dropped 4.3%, silver fell 7.5%, and platinum plunged 11.3%. In contrast, WTI crude oil continued its rally, gaining another 8% to around $77 per barrel.
Despite months of weakness, crypto assets are showing some relative resilience. Bitcoin traded near $68,000, down about 1% over the past 24 hours but more than 2% above its lowest level of the day.
Other major cryptocurrencies such as ether, solana, and XRP were also slightly lower on the day but had recovered from earlier session lows.
Crypto-related equities, however, remain under significant pressure. Shares of Robinhood fell 7%, while Coinbase declined 5%. Strategy and crypto platform Bullish both dropped about 4%, and stablecoin issuer Circle edged down roughly 1%.
James Butterfill, head of research at CoinShares, noted that bitcoin’s constant trading, including on weekends, often means it absorbs market shocks during periods of forced risk reduction.
“This time the price action has been constructive,” Butterfill said, noting bitcoin gained despite rising geopolitical instability. The lack of significant liquidations suggests investor positioning may already be more balanced than during past periods of market stress.
