Bitcoin maintained upward momentum Tuesday, climbing to an intraday peak of $71,775 as digital assets mirrored a broader relief rally in global equities. However, the premier cryptocurrency briefly retraced to $70,000, struggling to sustain the breakneck pace seen in the 48 hours following the outbreak of the Middle East conflict. Despite the volatility, bitcoin remained up 2% over a 24-hour period.

The surge momentarily pushed bitcoin’s market capitalization to approximately $1.42 trillion, anchoring a broader crypto economy valued at $2.76 trillion. This price action triggered a massive deleveraging event. According to Coinglass data, $383 million in leveraged positions were wiped out within 24 hours. Short sellers bore the brunt of the move, with $213.44 million in bearish bets liquidated, while the subsequent pullback caught overextended longs off guard.

In a shift from Monday’s decoupled trading, bitcoin’s trajectory aligned with global stock markets, which rallied as Brent crude prices plunged below $100 per barrel. The retreat comes less than 24 hours after crude tapped a multiyear high of $120, a spike that rattled investors and fueled fears of a stagflationary shock.

Market sentiment shifted after President Donald Trump suggested the conflict may be nearing an “off-ramp,” causing oil prices to slide toward $87 by early afternoon. The de-escalation in energy costs provided a significant tailwind for import-dependent Asian and European markets. In South Korea, the Kospi emerged as the primary beneficiary, jumping 5.4%.

Japan’s Nikkei 225 staged a 2.9% recovery, clawing back ground after one of its most severe single-day losses in history. In Europe, strong gains were seen across the board. Germany’s DAX rose 2.6% to 24,017, the U.K.’s FTSE 100 gained 1.8% to 10,432, and France’s CAC 40 advanced 2.1%.

While Trump’s address to Republican lawmakers initially quelled market anxiety, the optimism remains precarious. Ongoing reports of aerial bombardments and continued belligerent rhetoric from both sides have dampened hopes for an immediate ceasefire. Investors remain on high alert, as the risk premium associated with the regional instability continues to shadow the nascent recovery in both traditional and digital markets.

• What caused bitcoin’s surge to $71,775? Bitcoin surged amid a relief rally in global equities, mirroring broader market trends.
• How did the Middle East conflict affect bitcoin prices? The rapid price action initially followed the conflict’s outbreak but later saw a pullback below $70,500.
• What was the impact of leveraged positions in the market? Approximately $383 million in leveraged positions were liquidated, primarily affecting short sellers.
• How did global markets respond to the changing oil prices? Market sentiment improved as Brent crude prices fell, leading to significant gains in Asian and European equities.

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