Bitcoin steadies while ether and solana fall as Middle East tensions push Asian stocks to multi-year lows

Bitcoin’s latest attempt to reclaim the $70,000 level has stalled again, leaving the market trading near the middle of its recent range as broader financial markets remain unsettled by escalating geopolitical tensions.

The largest cryptocurrency briefly pushed toward the top of its range earlier this week before retreating to around $67,000. Data from CoinDesk shows bitcoin trading at roughly $67,612 during Wednesday’s Asian morning session, down 0.7% over the past 24 hours but still up 3.4% on the week as prices continue to hold above the weekend lows.

Other major cryptocurrencies moved lower. Ether dropped 2.2% to about $1,957, trimming part of its recent rebound but remaining up 2.6% over the past seven days. BNB stood out as the strongest performer among large-cap tokens, climbing 5.2% over the week to around $629.

Losses were more pronounced among some altcoins. Dogecoin fell 2.9% over the past day and is down 3.9% for the week. Cardano declined 4.2% in 24 hours and 3.5% over seven days. Solana slipped 0.8% to roughly $85.16 and remains the weakest major token on a weekly basis, still reflecting the impact of Saturday’s sell-off. XRP traded mostly sideways, easing 1.3% to about $1.35 with a modest weekly gain of 1.5%.

Across the market, many cryptocurrencies have rebounded from their weekend lows but struggled to sustain Tuesday’s highs, leaving prices range-bound as traders wait for clearer signals from global markets and developments surrounding tensions involving Iran.

According to Wojciech Kaszycki, chief strategy officer at BTCS SA, the rebound fits a typical pattern seen after sharp market shocks.

“BTC bouncing back to $70K looks like a classic shock, flush, rebuild move,” he said. Much of the weekend selling appeared forced amid thin liquidity, allowing prices to recover quickly once pressure eased. However, he added that the more important signal will be whether exchange-traded fund inflows remain steady in the coming days.

Alex Kuptsikevich, chief market analyst at FxPro, warned that repeated rejections near $70,000 could open the door to further downside. If the upper boundary continues to hold, he said, a move toward $63,000 becomes a plausible scenario.

The broader macro backdrop remains fragile. Asian equities sold off sharply on Wednesday, with markets in South Korea recording their steepest two-day decline since the 2008 financial crisis as geopolitical tensions rattled investors.

Technology shares across the MSCI Asia Pacific Index fell about 4%, dragging markets in Japan, Taiwan and South Korea lower. Meanwhile, the currency of India weakened to a record low amid rising oil prices. Precious metals also gained ground, with gold rising and silver following higher for the first time this week.

Energy markets remain a key source of uncertainty. Brent crude climbed again after the United States said it would escort oil tankers through the Strait of Hormuz, a critical shipping route that has faced disruptions since the weekend strikes.

Donald Trump also floated the idea of an insurance program for oil tankers, though details have yet to emerge. Continued disruptions to shipping routes could push energy prices higher, fueling inflation expectations and potentially delaying interest-rate cuts — a scenario that would tighten liquidity conditions for risk assets.

Despite the volatility, some industry leaders continue to highlight bitcoin’s long-term narrative. Gracy Chen, CEO of Bitget, said the cryptocurrency is gradually evolving into a new type of reserve asset.

“Many people still find it easier to invest in gold because it has existed for decades,” Chen said, adding that bitcoin remains relatively young and is still viewed as a riskier alternative.

She also noted that lingering disappointment from past crypto market downturns continues to weigh on sentiment. According to Chen, the current pullback in bitcoin partly reflects that frustration, especially as traditional assets such as equities and precious metals have recently posted strong gains.