Last Friday, things were already tense in the Middle East, but few expected the dramatic shift that would happen so quickly. Early Saturday morning, Israel and the United States began a military operation against Iran, starting with attacks from the air.
Iran has been responding to the initial attacks, and that response continued throughout the week, despite the death of its Supreme Leader on the first day. The situation has rapidly worsened, drawing in nearly a dozen countries directly, and impacting almost every nation worldwide. This was especially true after the Strait of Hormuz was closed, causing a dramatic increase in energy prices.
Despite significant global political uncertainty – which started while most financial markets were closed except for cryptocurrency – Bitcoin’s price has largely held steady. It did experience a sharp drop on Saturday, falling to $63,000, but it quickly recovered those losses and even reached new highs during the week.
Despite the ongoing war showing no signs of ending, Bitcoin (BTC) saw a significant price increase, jumping from around $63,000 on Saturday to $74,000 by Wednesday. It briefly hit that high before falling back to around $70,000. Even at this level, it’s still about 5.5% higher than its price last week, which is unexpected considering the current global instability.
Over the past few weeks, only a handful of larger cryptocurrencies have seen gains, like HYPE, NEAR, SKY, and MNT. Meanwhile, coins such as ADA, CC, BCH, SHIB, WLFI, and DOT have all significantly decreased in value.
Market Data
Market Cap: $2.46T | 24H Vol: $108B | BTC Dominance: 56.9%
BTC: $70,000 (+5.6%) | ETH: $2,050(+4.4%) | XRP: $1.38 (+1.4%)
This Week’s Crypto Headlines You Can’t Miss
Kraken is the first cryptocurrency company to gain direct access to the US Federal Reserve’s payment system. This new connection, through a limited-purpose master account, allows Kraken Financial to process deposits and withdrawals more efficiently, cutting out some of the usual third-party processing steps.
Kazakhstan is considering selling some of its gold reserves to raise $350 million for investments in cryptocurrencies and related technology companies. The country’s central bank governor announced the plan, which would involve using existing gold and foreign currency holdings to fund these new ventures.
The company that owns the New York Stock Exchange, Intercontinental Exchange, has invested in cryptocurrency platform OKX. This investment values OKX at $25 billion.
Ray Dalio, a well-known billionaire investor, doesn’t believe Bitcoin is a safe investment during times of crisis, despite its recent gains following increased conflict in the Middle East. He continues to favor gold as a more reliable safe haven.
After five weeks of investors withdrawing around $4 billion from crypto funds, the market saw a significant turnaround. Over the past five business days, approximately $1 billion flowed back into these funds, ending the streak of losses.
Justin Sun expressed satisfaction with a recent agreement resolving a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). After being sued almost three years ago, Sun and his companies reached a $10 million settlement, leading to the dismissal of the SEC’s claims.
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2026-03-06 17:21