Middle East tensions escalate, driving rally: Bitcoin holds steady above $70,000, Ethereum and Solana gain in sync

Gate News, March 24 — Due to escalating tensions in the Middle East, the crypto market has shown a rebound. On Tuesday morning, Bitcoin rose 3.1% to $70,352, quickly recovering after falling below $68,000 over the weekend; Ethereum, Solana, Dogecoin, and XRP generally increased between 2% and 4%.

In news, Saudi Arabia and the UAE are reportedly preparing to join military actions against Iran, pushing Brent crude oil prices up about 4% to $104. Meanwhile, passage through the Strait of Hormuz is restricted, intensifying global energy supply concerns. The five-day window previously set by U.S. President Trump is still in progress, and regional conflicts are evolving into larger-scale confrontations.

Traditional markets are under pressure, with S&P 500 futures down 0.5%, European stock markets opening weaker, and the U.S. dollar index slightly strengthening. Notably, gold prices have continued to decline, one of the most unusual signals in the current market, possibly reflecting institutional forced liquidations due to liquidity pressures.

Amid increased volatility across multiple assets, Bitcoin has shown relative resilience, maintaining above $70,000 with sideways movement. Some funds view it as an alternative hedge against geopolitical risks, contrasting with its usual high volatility.

In the short term, further escalation in Middle East tensions could lead to continued volatility in crude oil and risk assets. Whether Bitcoin, Ethereum, and Solana can sustain their rebound will depend on macro risk appetite and capital flow shifts. The market may soon reprice around policy developments and conflict evolution. (CoinDesk)