Bitcoin Holds $70K Amid Oil Spike and Stock Sell-Offs as Iran Tensions Escalate
Bitcoin (BTC $71,809) is holding just above $70,000, showing resilience even as crude oil jumps and equity markets slide amid heightened geopolitical risk.
Crude surged over 10% on Thursday, approaching $100 per barrel, driven by concerns over the Strait of Hormuz, a vital shipping route for oil. U.S. President Donald Trump said, “Stopping Iran is of more concern to me than oil prices,” while Iran’s new supreme leader, Mojtaba Khamenei, suggested the strait should remain closed.
“Control of the Strait is uncertain and could require major concessions or military action,” said Quinn Thompson, founder of Lekker Capital.
Equities reacted sharply. The Nasdaq fell 1.6% and the S&P 500 dropped 1.2%. Financials were pressured as Morgan Stanley capped redemptions on its $8 billion North Haven Private Income Fund, with shares down 4%, while JPMorgan, Citigroup, and Wells Fargo fell roughly 3%. Private equity firms KKR, Apollo, and Ares Management declined 3–4%. Gold slipped 0.6%, and the 10-year Treasury yield rose to 4.23%.
CoinShares’ James Butterfill noted that oil and Middle East tensions now dominate market sentiment, outweighing traditional labor data.
Despite broader uncertainty, Bitcoin remains steady, supported by institutional demand for infrastructure that enables spending, saving, and earning with BTC, according to Dom Harz, co-founder of layer-2 blockchain BOB.
