Market dynamics continue to break from historical norms as the Iran conflict drags on, with both safe-haven and risk assets declining in tandem. Bitcoin, however, is proving comparatively resilient.
Gold extended its losses to a ninth straight session on Monday, falling to around $4,360—its longest stretch of declines in years. Asian equities also dropped for a third consecutive day, edging closer to correction territory.
At the same time, bond yields are rising as the prolonged conflict fuels inflation concerns, pushing markets to reconsider the likelihood of rate hikes instead of cuts. U.S. and European equity futures are pointing lower, while Brent crude has climbed to $113 per barrel, now up more than 70% year-to-date.
Bitcoin traded near $68,316 during Asian hours, gaining 1.5% over the past 24 hours but still down 6% for the week. Ether rose 2.7% to $2,059, while XRP added 2% to $1.38. Tron inched up 0.3% to $0.309, making it the only major token still in positive territory on a weekly basis. Meanwhile, BNB fell 1.2% to $627, Solana dropped 2.5% to $86.54, and Dogecoin declined 1.7% to $0.09, standing out as the weakest performer over the past week.
Losses are widespread across asset classes. Gold—typically expected to benefit during periods of geopolitical stress—has fallen roughly 18% from its recent highs. Asian equities are nearing correction levels, while bitcoin continues to hold above the $66,000 support zone that has remained intact through prior conflict-driven sell-offs since late February.
Alexander Blume, CEO of Two Prime, said the divergence between gold and bitcoin reflects deeper structural shifts rather than short-term market forces. He noted that countries such as China had been accumulating gold to reduce reliance on Western financial systems, but that trend has reversed as liquidity needs have taken precedence amid escalating tensions.
Blume added that bitcoin’s spot and derivatives markets have remained relatively stable despite the challenging macro environment. The firm is positioning for a potential rise in funding and futures rates in the coming months, reflecting a contrarian view that markets may be underestimating upside potential.
Geopolitical risks remain elevated. U.S. President Donald Trump has issued a 48-hour ultimatum threatening strikes on Iran’s power infrastructure if the Strait of Hormuz is not reopened. Iran has warned that any such move would result in a prolonged closure of the waterway and retaliatory strikes on U.S. and Israeli energy assets.
Meanwhile, Goldman Sachs has raised its oil price forecasts, lifting its full-year Brent outlook to $85 from $77 and WTI to $79 from $72, describing the disruption in the Strait of Hormuz as the largest supply shock ever seen in global crude markets.
