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

Bitcoin (BTC $71,809) remains just above $70,000, showing resilience as oil prices spike and equities fall amid geopolitical uncertainty.

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

“Control of the Strait is far from certain and could require major concessions or military action,” said Quinn Thompson, founder of Lekker Capital.

Equities reacted sharply. The Nasdaq fell 1.6% and the S&P 500 dropped 1.2%. Financials were pressured after Morgan Stanley capped redemptions on its $8 billion North Haven Private Income Fund, with shares down 4%, while JPMorgan, Citigroup, and Wells Fargo fell around 3%. Private equity firms KKR, Apollo, and Ares Management declined 3–4%. Gold slipped 0.6%, and the 10-year U.S. Treasury yield rose to 4.23%.

CoinShares’ James Butterfill said oil and Middle East tensions are now the primary drivers of market sentiment, outweighing traditional labor data.

Despite broader market uncertainty, Bitcoin remains steady, supported by growing institutional interest in infrastructure that enables spending, saving, and earning with BTC, according to Dom Harz, co-founder of layer-2 blockchain BOB.