Bitcoin held near $63,800 on Monday while gold, oil, equities and government bonds all slumped after the U.S. launched its fourth round of strikes on Iran in a week. The largest cryptocurrency dipped just 0.3% over 24 hours and still gained 2% on the week.
The selloff in traditional markets that had been on hold over the weekend arrived suddenly. 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 concerns about supply disruptions.
Treasuries and Asian equities fall
Treasuries fell across the curve, pushing the two-year yield to its highest since February 2025. MSCI’s Asia Pacific equities gauge dropped 1.6%, reflecting a broad risk-off mood. Central Command said U.S. forces struck Iran in response to an attack on a container ship. The status of the strait remained unclear, with the U.S. denying Iran’s statement that the waterway would close “until further notice.” Roughly a fifth of global seaborne oil usually passes through Hormuz.
These moves reflected a single fear: a wider war could keep oil elevated and force the Federal Reserve to hold rates higher for longer. Minutes from the Fed’s June meeting showed a few policymakers saw a case for raising rates before they ultimately backed a hold. Gold fell because a higher-for-longer path lifts real yields, dulling the appeal of an asset that pays nothing. Bonds dropped for the same reason.
Bitcoin shrugs off the turmoil
Bitcoin largely sat out the chaos. Ether was little changed near $1,800, up 2% on the week. Most other major cryptocurrencies barely moved on the day. Solana was the weakest at $76, down 5% over seven days. XRP held $1.09, and dogecoin remained near $0.07.
The only crypto-relevant thread seemed to run through Korean stocks. SK Hynix shares plunged 12% in Seoul after the chipmaker’s U.S.-listed shares had surged 13% on their Friday debut. That reversal helped drag the Kospi down 7%. The chip trade drove the rally that lifted bitcoin on Friday, and its sharp reversal on Monday still left crypto flat.
A new pattern for bitcoin
Bitcoin has now held a tight range through a weekend of strikes, a Monday selloff in nearly every asset that usually reacts to war, and a hawkish repricing of the Fed. That marks a clear change for a market that once sold off quickly on a single Hormuz headline. It seems bitcoin is no longer trading the war at all. Instead, it takes its direction from dollar liquidity and the chip cycle, while oil, gold and rates do the reacting.
