What to know : Bitcoin climbed above $71,000, gaining more than 6 percent in 24 hours and leading broad advances in major cryptocurrencies. The rally comes despite escalating Middle East tensions and disruptions to oil supplies through the Strait of Hormuz, with bitcoin holding support around $65,000 since the conflict began. As gold retreats from recent highs and Asian equities slide on rising energy costs, some analysts say bitcoin is showing defensive traits and emerging as a flexible, though still high-risk, alternative to traditional safe havens.
Bitcoin surged Wednesday, underscoring it's growing resilience to turmoil in the Middle East, while gold, a traditional safe haven, lagged.
The leading cryptocurrency by market value rose to $71,023 during the European hours, up over 6% on a 24-hour basis, according to CoinDesk data. Other majors such as ether (ETH), XRP (XRP) and solana (SOL) followed bitcoin's lead, rising 4% to 6%, respectively.
The CoinDesk 20 Index, a broader market gauge, rose over 5% to 2,025 points.
"Bitcoin may now exhibit some defensive characteristics during crisis periods, but gold’s retreat highlights that even classic safe-havens are not immune to market dynamics, positioning Bitcoin as a more flexible yet still high-beta alternative," Tagus Capital said in its daily newsletter.
BTC's latest move to multi‑week highs follows even as the crisis has intensified, with Iran blocking oil supplies through the Strait of Hormuz and raising the spectre of energy‑price inflation around the world. Since the conflict between Israel, the U.S., and Iran erupted on Saturday, bitcoin has proved surprisingly resilient, with the downside capped around $65,000.
Meanwhile, gold, a traditional safe haven, peaked above $5,400 per ounce on Monday and has since declined to $5,160. Asian equity indices, led by South Korea's Kospi index, have bled heavily as oil imports cost rise.
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