BTC holds the $70,000 mark amid rising oil prices and equity market turbulence.

Bitcoin Holds $70K Amid Oil Surge and Stock Sell-Offs Linked to Iran Tensions

Bitcoin (BTC $71,809) is holding just above $70,000 as global markets react to rising oil prices and geopolitical risks.

Crude jumped over 10% on Thursday, nearing $100 per barrel, driven by concerns over the Strait of Hormuz, a vital route for oil tankers. U.S. President Donald Trump said, “Stopping Iran is of more concern to me than oil prices,” while Iran’s new supreme leader, Mojtaba Khamenei, indicated the strait should remain closed.

“Control of the Strait is far from certain and may require major concessions or military action,” said Quinn Thompson, founder of Lekker Capital.

Equities fell sharply. The Nasdaq lost 1.6%, the S&P 500 dropped 1.2%, and financials were pressured as Morgan Stanley capped redemptions on its $8 billion North Haven Private Income Fund, with shares down 4%. JPMorgan, Citigroup, and Wells Fargo fell about 3%, while KKR, Apollo, and Ares Management dropped 3–4%. Gold slipped 0.6%, and the 10-year Treasury yield rose to 4.23%.

According to CoinShares’ James Butterfill, oil and Middle East tensions are now the primary drivers of markets, overshadowing labor market data.

Despite these headwinds, Bitcoin remains resilient, supported by institutional demand for infrastructure that allows users to spend, save, and earn with the network, according to Dom Harz, co-founder of layer-2 blockchain BOB.

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