Bitcoin steadies at $68,300 as gold extends nine-day slide and Asian equities weaken

The fourth week of the Iran conflict is upending the traditional safe-haven narrative, with gold sliding sharply while risk assets continue to weaken. In contrast, bitcoin is proving relatively resilient.

Gold extended its losing streak to nine consecutive sessions on Monday, falling to around $4,360—its longest decline in years. Asian equities also dropped for a third straight session and are now approaching correction territory.

At the same time, bond yields are climbing as prolonged conflict risks fuel inflation concerns, potentially forcing central banks to consider rate hikes rather than cuts. Equity futures in the U.S. and Europe are also pointing lower, while Brent crude has surged to $113 per barrel, now up more than 70% year-to-date.

Bitcoin held near $68,316 during Monday’s Asian trading hours, rising 1.5% over the past 24 hours but still down 6% on the week. Ether gained 2.7% to $2,059, while XRP rose 2% to $1.38. Tron added 0.3% to $0.309, making it the only major token still positive on a weekly basis. Meanwhile, BNB fell 1.2% to $627, Solana dropped 2.5% to $86.54, and Dogecoin declined 1.7% to $0.09—making it the worst weekly performer among majors with a 7.4% loss.

On a broader view, markets are under pressure across the board. Gold—typically a go-to safe haven during geopolitical turmoil—has fallen roughly 18% from its recent highs. Asian equities are nearing correction levels, while bitcoin, despite a weekly loss, continues to hold above the $66,000 support level that has remained intact through previous war-driven sell-offs since late February.

According to Alexander Blume, the recent divergence between gold and bitcoin reflects deeper structural forces rather than short-term market dynamics. He noted that countries such as China had been steadily accumulating gold as part of efforts to reduce reliance on Western markets and the U.S. dollar, but that trend has reversed as liquidity needs take priority amid escalating conflict.

Blume added that bitcoin’s spot and derivatives markets have remained relatively stable given the macro backdrop. Two Prime is positioning for a potential rise in funding and futures rates in the coming months, suggesting a contrarian outlook that favors upside risk.

Geopolitical tensions remain elevated. U.S. President Donald Trump has issued a 48-hour ultimatum threatening to strike Iran’s power infrastructure if the Strait of Hormuz is not reopened. Iran has warned that any such move would lead to a prolonged closure of the waterway and retaliatory attacks on U.S. and Israeli energy assets.

Meanwhile, Goldman Sachs has revised its oil outlook higher, raising its full-year Brent forecast to $85 from $77 and WTI to $79 from $72, calling the disruption in the Strait of Hormuz the largest supply shock ever seen in global crude markets.