Global stock markets are experiencing a significant downturn, with the Nasdaq down 2.5% and the S&P 500 lower by 2.3% in mid-morning U.S. trading. European markets are facing even steeper declines. Precious metals are also tumbling, with gold down 4.3% and silver off 7.5%. WTI crude oil, however, continues to surge, up another 8% to $77 per barrel.
In contrast, crypto markets, which had already declined in the lead-up to the conflict, are showing a degree of resilience. Bitcoin is trading at $68,000, down only 1% over the past 24 hours and showing strength from its lowest points of the day. Ether, Solana, and XRP are also higher from their session lows.
Crypto-related stocks, however, remain under pressure. Shares of Robinhood fell 7%, Coinbase dropped 5%, and MicroStrategy and Bullish each declined 4%. Stablecoin issuer Circle slipped about 1%.
Analysts note that Bitcoin's ability to absorb shocks during periods of risk reduction, even while trading on weekends, is a constructive development. This divergence from broader market trends suggests a potential shift in asset positioning amidst rising yields and geopolitical instability.