Bitcoin, ether and solana climb as Gulf nations edge closer to entering the Iran conflict.

Crypto markets rebounded Tuesday morning even as the prior day’s relief rally faded across traditional assets, with oil surging on signs the conflict in the Middle East could widen.

Bitcoin rose 3.1% to around $70,352, recovering from a weekend dip below $68,000. Other major tokens also moved higher, with ether, solana, dogecoin and XRP posting gains in the 2%–4% range.

The bounce in crypto came despite renewed pressure in global markets. A report from The Wall Street Journal said Saudi Arabia had agreed to grant the U.S. military access to King Fahd Air Base, reversing its earlier stance against involvement in strikes on Iran. The United Arab Emirates has reportedly taken similar steps.

Direct participation from Gulf nations would mark a significant escalation, transforming the conflict from a U.S.-Israel campaign into a broader regional coalition—far beyond what markets had previously priced in.

Meanwhile, Iran signaled no willingness to de-escalate. Officials rejected the possibility of talks with Washington, reinforcing earlier denials reported by Fars News Agency. The Strait of Hormuz remains largely restricted, with only limited shipping activity getting through.

Traditional markets reacted swiftly. S&P 500 futures slipped 0.5%, while European equities were set to open about 0.8% lower. Brent crude jumped 4% to roughly $104 per barrel, the U.S. dollar gained 0.3%, and gold dropped 1.5%, extending what has become its longest losing streak on record.

Gold’s continued decline has emerged as one of the more unusual signals in global markets. A traditional safe-haven asset weakening during an expanding geopolitical conflict runs counter to historical patterns.

One possible explanation is forced selling, as funds facing margin calls in other positions turn to gold—one of the most liquid assets—to raise cash. Regardless of the cause, bitcoin’s relative stability stands out, holding within a defined range while gold continues to slide.

The five-day deadline set by Donald Trump for Iran is due to expire Saturday, but the potential entry of Saudi Arabia and its allies shifts the outlook. A broader regional conflict would put energy infrastructure across the Gulf at heightened risk and could further disrupt markets.

For now, bitcoin is holding above $70,000 even as other assets weaken. Whether that reflects resilience or simply a pause before the next wave of headline-driven volatility remains the key question for the days ahead.