Gold, oil, stocks, and bonds saw significant moves following the latest U.S. military action against Iran, but bitcoin remained largely unaffected.
Bitcoin traded around $63,800 on Monday as traditional markets reacted to the fourth round of U.S. strikes on Iran within a single week. The largest cryptocurrency was down just 0.3% over the past 24 hours while maintaining a 2% weekly gain.
The delayed response from global markets after the weekend break arrived quickly once trading resumed. Spot gold fell as much as 1.6%, slipping toward $4,050 per ounce, while Brent crude jumped nearly 4% above $79 per barrel as uncertainty over the Strait of Hormuz raised concerns about possible supply disruptions.
Treasury markets also came under pressure, with yields rising across the curve. The two-year Treasury yield climbed to its highest level since February 2025, while the MSCI Asia Pacific equity index declined 1.6%.
U.S. Central Command said American forces targeted Iran following an attack on a container ship. Meanwhile, uncertainty remained over the status of the Strait of Hormuz after Iran suggested the waterway could be closed, a claim rejected by the U.S. government. The strategic route handles roughly one-fifth of the world’s seaborne oil shipments.
The market reaction reflected fears that escalating tensions could push oil prices higher and force the Federal Reserve to keep interest rates elevated for an extended period. Minutes from the Fed’s June meeting showed some officials had considered further rate increases before agreeing to maintain current policy.
Higher interest-rate expectations pressured gold because rising real yields reduce demand for assets that do not generate income. Bonds also declined as investors adjusted to the possibility of tighter monetary conditions lasting longer.
Bitcoin, however, largely ignored the market turmoil. Ether remained near $1,800 and was about 2% higher on the week, while other major cryptocurrencies showed limited movement. Solana underperformed, trading around $76 and down roughly 5% over seven days. XRP held near $1.09, and Dogecoin remained close to $0.07.
The strongest crypto-related market link came through South Korean technology stocks. SK Hynix shares plunged 12% in Seoul after the chipmaker’s U.S.-listed shares surged 13% during its Friday debut. The reversal contributed to a 7% decline in South Korea’s Kospi index.
The semiconductor rally had helped fuel bitcoin’s recent strength, but Monday’s sharp correction in chip stocks failed to trigger a similar reaction in digital assets.
Bitcoin has remained range-bound despite a weekend of geopolitical escalation, a broad decline across traditional markets, and renewed expectations of higher-for-longer interest rates. The stability marks a shift from previous cycles, when bitcoin often reacted sharply to geopolitical shocks.
Instead, the cryptocurrency market now appears to be taking direction primarily from liquidity conditions, dollar trends, and the technology sector, while assets such as oil, gold, and bonds continue to absorb the immediate impact of global uncertainty.
