Bitcoin pushed above $71,000 on Wednesday, advancing more than 6% over the past day and leading gains across the broader cryptocurrency market.

The largest cryptocurrency by market capitalization climbed to $71,023 during European trading hours, according to CoinDesk data, signaling notable resilience even as geopolitical tensions in the Middle East intensify. In contrast, gold — traditionally viewed as a safe-haven asset — has weakened in recent sessions.

Other major cryptocurrencies also moved higher alongside bitcoin. Ether (ETH), XRP and solana (SOL) each posted gains of roughly 4% to 6%, mirroring the broader market’s positive momentum.

The CoinDesk 20 Index, which tracks the performance of leading digital assets, rose more than 5% to reach 2,025.

Analysts at Tagus Capital said bitcoin may be beginning to show defensive characteristics during periods of geopolitical stress. At the same time, they noted that gold’s recent pullback suggests that even traditional safe-haven assets remain subject to shifting market forces.

“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 in its daily newsletter.

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 disruptions to global energy supplies and renewed inflation pressures.

Since tensions involving Iran, Israel and the United States intensified over the weekend, bitcoin has remained relatively stable, with downside pressure largely contained near the $65,000 level.

Meanwhile, gold has retreated after an earlier surge. The metal briefly climbed above $5,400 per ounce on Monday before sliding to around $5,160.

Asian equity markets have also come under pressure, with major regional indexes declining. South Korea’s Kospi has led the losses as higher oil import costs weigh on investor sentiment.