Bitcoin rose nearly 5% to $69,000 on Monday, as investors assessed the sharp conflict between the United States and Iran, which has caused severe volatility in global markets.
Oil markets saw the most drastic moves. Crude oil futures briefly rose to $119.48 after midnight, marking their highest level since July 2022, reflecting fears of supply disruptions linked to Middle East tensions.
However, prices quickly reversed. By Monday afternoon, oil had fallen as much as 31% from its overnight peak to $81, before reaching $88 by press time, reflecting heightened volatility in energy markets since the conflict erupted.
The sharp volatility came as investors weighed the likely duration of the resistance. Donald Trump has hinted that the US military campaign against Iran may be nearing its end, hinting that the operation is progressing faster than expected.
“I think the war is very complete,” Trump told CBS News in a phone interview Monday, adding that military action was “far ahead” in the first four to five weeks.
Traditional markets reacted cautiously at first. The S&P 500 and Nasdaq both fell about 0.5% on the day, reflecting uncertainty surrounding geopolitical risks and energy prices.
The stock later reversed course after Trump’s comments. As of Monday afternoon, the S&P 500 was up about 0.8% on the day, while the Nasdaq was up about 1.24%.
Crypto markets strengthened during the session. Bitcoin traded between $65,000 and $67,000 from Sunday into Monday morning, before rising to $69,000 after Trump’s remarks, showing resilience despite broader market turmoil.
Other major digital assets have also advanced. Ether topped $2,000, Solana traded around $85, and XRP settled near $1.37 as the broader crypto market rallied alongside Bitcoin.
