Bitcoin surged nearly 5% on Monday, approaching $69,000 as investors reacted to escalating United States-Iran conflict and its impact on global markets.
Oil futures initially spiked to their highest level since July 2022, nearing $119.48 on fears of supply disruptions. However, prices sharply reversed, plunging as much as 31% from their peak to around $81 before recovering to near $88. This volatility reflects ongoing uncertainty in energy markets.
Investor sentiment shifted following comments from Donald Trump, who indicated the US military campaign against Iran was progressing faster than anticipated and nearing completion.
Traditional markets, initially cautious with the S&P 500 and Nasdaq falling, reversed course. The S&P 500 gained approximately 0.8% and the Nasdaq rose about 1.24% by Monday afternoon.
Cryptocurrency markets strengthened, with Bitcoin trading between $65,000 and $67,000 before climbing toward $69,000. Other major digital assets, including Ether, Solana, and XRP, also saw gains.