Bitcoin climbs past $71,000, extending its resilience amid Middle East tensions.

Bitcoin surged past $71,000 on Wednesday, rising more than 6% over the past 24 hours and leading a broader rally across the cryptocurrency market.

The largest digital asset by market capitalization climbed to $71,023 during European trading hours, according to CoinDesk data, highlighting its increasing resilience amid escalating tensions in the Middle East. Meanwhile, gold — traditionally viewed as a safe-haven asset — moved lower.

Other major cryptocurrencies followed bitcoin’s advance. Ether (ETH), XRP and solana (SOL) each gained between 4% and 6%, reflecting stronger risk appetite across digital asset markets.

The CoinDesk 20 Index, which tracks a broad basket of leading cryptocurrencies, jumped more than 5% to reach 2,025.

In its daily newsletter, Tagus Capital noted that bitcoin may be starting to show defensive traits during periods of geopolitical stress, even as traditional safe havens struggle.

“Bitcoin may now exhibit some defensive characteristics during crisis periods, but gold’s retreat highlights that even classic safe-havens are not immune to market dynamics, positioning Bitcoin as a more flexible yet still high-beta alternative,” the firm said.

Bitcoin’s move marks its highest level since Feb. 8 and comes despite escalating geopolitical risks. Iran has reportedly blocked oil shipments through the Strait of Hormuz, raising concerns about potential global energy-price inflation.

Since tensions between Iran, Israel and the United States intensified over the weekend, bitcoin has remained relatively resilient, with declines limited near the $65,000 level.

Gold, however, has pulled back after briefly rallying earlier in the week. The precious metal climbed above $5,400 per ounce on Monday before slipping to around $5,160.

At the same time, Asian equity markets have come under pressure. Major indexes across the region have fallen sharply, led by South Korea’s Kospi, as rising oil import costs weigh on investor sentiment.