Bitcoin, Ether Hold Ground While Gold Slips Amid Renewed U.S.-Iran Tensions

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Oil extended its rally for a third straight session, while gold declined for a fourth day, even as bitcoin posted a 1.6% weekly gain.

Bitcoin stayed above the $62,000 mark on Thursday, even as traditional war-hedge assets moved in diverging directions.

Brent crude rose 1% to $78.80 per barrel, marking its third consecutive gain, after fresh U.S. strikes on Iran heightened tensions and raised the possibility of a Strait of Hormuz closure.

Meanwhile, gold continued its downturn, slipping for a fourth day to around $4,060 an ounce. Government bonds across Japan, Australia, and New Zealand also fell, adding to a broader global selloff, while two-year U.S. Treasury yields approached their highest levels of 2026.

Bitcoin traded at $62,009, down 1.2% over the past 24 hours but still up 1.6% for the week. Ether hovered near $1,730, also falling 1.2% on the day but gaining 5.7% over seven days. Solana lagged at $77.25, dropping 1.8% daily and 1.7% weekly. XRP dipped 0.7% to $1.09, while TRON rose 4% over the week. Hyperliquid’s HYPE advanced 5.9% weekly despite a 1.2% daily pullback.

The renewed escalation revived inflation concerns and prompted markets to bring forward expectations for interest rate hikes.

On Wednesday, traders shifted their expectations for the next Federal Reserve rate increase to October from December, adding pressure to already elevated valuations driven by this year’s AI-led equity rally. Rising rates weighed on gold, as higher-yielding assets reduce the appeal of non-interest-bearing metals.

Under normal conditions, such dynamics would also weigh heavily on bitcoin—but that hasn’t been the case. Despite an oil surge, bond selloff, and hawkish repricing of Fed policy, bitcoin moved just 1.2% on the day. In the past, similar geopolitical headlines tied to Hormuz could trigger 5% swings. Since February, each escalation has produced a diminishing reaction in crypto markets.

This suggests a shift in how markets interpret Middle East tensions. Rather than treating them as crypto-specific risks, investors are increasingly viewing them through the lens of interest rates. As a result, bitcoin is tracking short-term yield movements more closely than oil prices.

Market sentiment reflects this transition. The Fear and Greed Index has risen to 27, exiting a prolonged period of extreme fear that lasted 40 days. However, it remains below the 50 mark, indicating cautious recovery rather than strong conviction.

Traders are closely monitoring the $60,000 level as a key support. Bitcoin has rebounded from multi-month lows and held its range despite simultaneous pressures from rate repricing, geopolitical escalation, and bond market weakness.

If bitcoin withstands further escalation around Hormuz without falling below $60,000—while gold continues to decline—it would signal a genuine shift away from traditional safe havens toward bitcoin as a rate-sensitive asset. Conversely, a decisive drop below $60,000 on similar news would suggest that recent stability was due more to low volatility than any structural change in market behavior.