Bitcoin remains around $70K while oil surges and credit pressures weigh on stocks.

Bitcoin Holds Near $70K as Oil Surges and Stocks Slide Amid Geopolitical Tensions

Bitcoin (BTC $71,809) is holding just above $70,000 even as global markets face heightened volatility driven by surging oil prices and geopolitical concerns.

Crude oil jumped more than 10% on Thursday, approaching $100 per barrel, amid fears over the Strait of Hormuz, a critical shipping route for oil tankers. U.S. President Donald Trump said, “Stopping Iran is of more concern to me than oil prices,” while Mojtaba Khamenei, Iran’s newly appointed supreme leader, stated that the strait should remain closed.

“It’s becoming clear to everyone that the Strait is far from under control and potentially impossible to manage without severe concessions, boots on the ground, or major military risks,” said Quinn Thompson, founder of Lekker Capital.

Equities reflected the turmoil: the Nasdaq fell 1.6% and the S&P 500 dropped 1.2% near midday on the East Coast. Energy concerns compounded financial sector weakness, with Morgan Stanley capping redemptions at its $8 billion North Haven Private Income Fund, sending its shares down 4%, while JPMorgan, Citigroup, and Wells Fargo declined around 3%. Private equity firms KKR, Apollo Global, and Ares Management also fell 3–4%.

Gold slipped 0.6%, while the 10-year U.S. Treasury yield rose three basis points to 4.23%.

According to James Butterfill, head of research at CoinShares, oil has become the primary driver of markets: “The dominant variable in global asset pricing is no longer the labor market. It is oil—and the geopolitical crisis underpinning it.” He noted that the latest U.S. payroll report, which normally would have prompted bets on faster Fed rate cuts, had muted impact as investors focused on energy risks instead.

Despite these pressures, Bitcoin has remained resilient. Dom Harz, co-founder of layer-2 blockchain BOB, suggested that institutional interest is increasingly focused on Bitcoin’s financial utility rather than just price exposure. “Institutions want infrastructure that allows them to spend, save, and earn using Bitcoin,” he said, highlighting the growing demand for bitcoin-based financial applications.