Bitcoin drifted toward $69,000 on Thursday as the deepening conflict in Iran spirals across the Middle East, hitting energy infrastructure and spilling over into global markets.
Oil remained at the center of the action as investors retreated from risk amid fresh headlines surrounding attacks on energy infrastructure. Prices fluctuated back towards $100 per barrel after a Politico report said the U.S. is not considering a crude export ban, reversing earlier declines and keeping inflation worries alive.
That backdrop weighed on traditional markets, especially as investors began to consider central banks delaying rate cuts or even considering rate hikes, wary of inflationary pressures from an energy shock and supply disruptions. The S&P 500 and Nasdaq were down nearly 1% in morning trade, both hitting new 2026 lows.
The more notable step, however, came from metals. Gold fell 5% to around $4,500 an ounce, its lowest since early February, while silver fell 6.6%, extending a sharp unwind after weeks of big gains.
Crypto, by comparison, looked relatively stable. Bitcoin last traded around $69,400, down about 2.6% on the day. Most major tokens including ether (ETH), XRP (XRP), BNB and solana ( SOL ), were all down, but losses remained below 3%, and the broader CoinDesk 20 index fell about 2.1%.
Crypto-linked stocks also fell, though not to the same extent as elsewhere. Crypto exchange Coinbase ( COIN ) fell 1.7%, bitcoin tax firm Strategy ( MSTR ) fell 2.6%, while stablecoin issuer Circle ( CRCL ) retreated 6%, giving up some ground after more than doubling over the past three weeks.
Bitcoin holds ground in risk-off movement
The simultaneous decline in both gold and bitcoin points to broad risk-off rather than a safe-haven rotation, said Alvin Kan, COO of Bitget Wallet. Rising energy prices are feeding into inflation expectations, bolstering a “higher-for-longer” interest rate outlook and tightening liquidity — a tricky mix for risk assets, he added.
Still, bitcoin has outperformed gold by about 20% in the initial phase of the Iran conflict, noted Bryan Tan, trader at Wintermute, an unusual dynamic for an asset typically treated as a riskier tech name. But the lack of follow-through above $75,000 suggests markets remain cautious and range-bound.
“When sentiment swings on every headline about the conflict and the correlation to oil prices is so high, being flat is a strong position,” he said. “We tend to reserve dry powder until we see meaningful confirmation in either direction or a significant change in market conditions.”
