Bitcoin holds near $63,800 as war-driven selloff hits everything but crypto
Bitcoin and major cryptocurrencies have remained remarkably stable despite a global market selloff triggered by escalating tensions in the Strait of Hormuz and hawkish Federal Reserve signals. While traditional assets like gold, oil, and equities reacted sharply to the geopolitical conflict and interest rate concerns, crypto assets decoupled from these macroeconomic pressures.
Why it matters
The decoupling suggests a potential shift in Bitcoin's role as an asset class, as it appears to be trading more on internal liquidity and chip-sector cycles rather than reacting to traditional geopolitical risk premiums.
The traditional-market reaction that was on hold over the weekend arrived at once. Spot gold slid as much as 1.6% to near $4,050 an ounce. Brent crude jumped 4% to above $79 a barrel as conflicting claims over the Strait of Hormuz fueled worries about supply.
Treasuries fell across the curve, with the two-year yield climbing to its highest since February 2025, and MSCI's Asia Pacific equities gauge dropped 1.6%.
Central Command said U.S. forces struck Iran in response to an attack on a container ship. The status of the strait was left unclear, with the U.S. denying Iran's statement that the waterway would close "until further notice." Roughly a fifth of the world's seaborne oil normally passes through Hormuz.
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