Bitcoin rebounded on Monday after declining over the weekend, although the cryptocurrency continued to trade within a narrow range. The market remains cautious as escalating tensions between the United States, Israel, and Iran pushed oil prices sharply higher and increased volatility across global financial markets.
The world’s largest cryptocurrency rose about 3% to $69,350 by 10:38 ET (14:38 GMT) after briefly falling below $66,000 earlier in the day. Despite the rebound, Bitcoin’s overall movement remains rangebound as investors monitor geopolitical developments and macroeconomic risks.
Bitcoin managed to finish last week with gains, outperforming several traditional risk assets due to its relatively limited exposure to energy markets. However, the cryptocurrency lost some momentum over the weekend as geopolitical uncertainty intensified.
Iran Conflict and Oil Surge Raise Inflation Concerns
Oil prices climbed sharply on Monday, with crude briefly approaching $120 per barrel before pulling back to around $103. The surge followed escalating military activity between U.S.–Israeli forces and Iran, raising fears of potential disruptions to global oil supplies.
Markets are particularly focused on the Strait of Hormuz, a critical shipping route responsible for transporting a significant share of the world’s oil. Any sustained disruption in this region could have major consequences for global energy markets.
The conflict has now entered its second week with no signs of de-escalation. Over the weekend, Iran announced Mojtaba Khamenei as the successor to Supreme Leader Ali Khamenei, a move widely interpreted by markets as signaling the continuation of hardline political policies and prolonged geopolitical tensions.
Rising oil prices have reignited global inflation concerns, complicating expectations that major central banks could begin gradually easing monetary policy later this year.
Bitcoin Reacts to Global Market Uncertainty
During periods of macroeconomic uncertainty, Bitcoin often behaves like a high-beta risk asset, meaning it can decline when investors move away from riskier investments.
Global equities reflected this risk-off sentiment. Asian stock markets dropped sharply in early trading on Monday, while U.S. stock futures on Wall Street fell more than 2%.
The cryptocurrency market’s weekend volatility also highlights one of its defining characteristics: digital assets trade 24 hours a day, allowing investors to react immediately to geopolitical developments even when traditional financial markets are closed.
Strategy Buys $1.28 Billion Worth of Bitcoin
Corporate demand for Bitcoin remained strong. Bitcoin treasury company Strategy announced it purchased an additional 17,994 BTC between March 2 and March 8, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The acquisition was valued at approximately $1.28 billion, with the company paying an average price of $70,946 per Bitcoin.
Following this purchase, Strategy’s total holdings increased to 738,731 BTC, currently valued at roughly $50 billion. According to company co-founder and executive chairman Michael Saylor, the firm accumulated the coins at an average cost of $75,862 per Bitcoin, representing a total investment of about $56 billion including fees and expenses.
Altcoins Rise but Remain Rangebound
Other major cryptocurrencies also moved higher on Monday, although gains remained limited.
Ethereum, the second-largest cryptocurrency by market capitalization, rose about 4% to $2,026.
XRP, currently the third-largest crypto asset, gained 1.4% to $1.36.
Among other major altcoins, Solana advanced roughly 4%, while Cardano and Polygon each climbed close to 3%.
In the meme coin segment, Dogecoin increased about 3.3%, reflecting moderate risk appetite within the broader cryptocurrency market.
