Bitcoin staged a rapid recovery Monday, surging from $68,500 to a peak of $71,801 in a less than an hour. The catalyst was a sudden pivot from U.S. President Donald Trump, who backed down on an ultimatum to “obliterate” Iranian power plants. The news sent a wave of relief through risk assets. While the cryptocurrency later settled near $71,000, it remained up 3.2% on the day, reclaiming its $1.4 trillion market capitalization.

The relief was most visible in the energy sector. As the threat of a regional blackout subsided, oil prices tumbled, with Brent crude plummeting roughly 8% to 13% from its intraday highs to trade back near the $100-per-barrel mark. This sharp reversal in energy costs acted as a tailwind for broader markets.

Despite this bounce, bitcoin remains in the red for the week, sitting 4% below its seven-day high. Market data tracks a gradual descent from a March 17 peak of $76,013 to a Sunday low of $67,354. Initially, the asset appeared to trade against the grain of the conflict, briefly acting as a “digital gold” hedge. However, after more than three weeks of hostilities, bitcoin’s correlation with global equities tightened as the third week of March progressed.

Monday’s trading session was a high-stakes rollercoaster defined by the timing of Trump’s social media update. In Asia and Europe, markets were initially pricing in the potential strike with Japan’s Nikkei closing 3.5% lower while South Korea’s Kospi crashed 6.5% on fears of a full-scale regional war. European indexes followed suit, opening with deep losses before the five-day postponement announcement triggered a midday rally that erased most of the morning’s red.

In the United States, by the time Wall Street opened, investors were processing the first de-escalation signal since the war began more than three weeks ago. Key indexes jumped at the opening bell, buoyed by a stabilizing Middle East and the significant drop in oil prices.

While the five-day reprieve has offered a temporary floor for bitcoin and a ceiling for oil, the market remains on a knife-edge. Traders are focused on ongoing diplomatic talks, as any breakdown in negotiations could see the $70,000 support level tested once again.

• What caused bitcoin’s rapid increase on Monday? Bitcoin surged due to President Trump’s unexpected pivot on Iranian power plants, easing geopolitical tensions.
• How much did bitcoin rise during this event? The cryptocurrency jumped from $68,500 to $71,801, marking a 3.2% increase for the day.
• What was the impact on the energy sector? Oil prices tumbled as the threat of a regional blackout subsided, with Brent crude dropping roughly 8% to around $100 per barrel.
• Is bitcoin still above its previous week’s high? No, Bitcoin remains 4% below its seven-day high, reflecting ongoing market volatility amidst diplomatic negotiations.

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