The ongoing Iran conflict continues to disrupt typical market behavior, with both safe-haven and risk assets under pressure. Bitcoin, however, is holding up better than most.

Gold dropped for a ninth consecutive session on Monday, sliding to around $4,360—its longest losing streak in years. Asian equities also extended losses for a third straight day and are now nearing correction territory.

Meanwhile, bond yields are climbing as the prolonged conflict raises inflation concerns, prompting markets to reassess expectations toward potential rate hikes instead of cuts. Equity futures in the U.S. and Europe are pointing lower, while Brent crude has surged to $113 per barrel, now up more than 70% year-to-date.

Bitcoin traded near $68,316 during Asian 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 edged up 0.3% to $0.309, remaining the only major token in positive territory over the past week. In contrast, BNB fell 1.2% to $627, Solana dropped 2.5% to $86.54, and Dogecoin declined 1.7% to $0.09, making it the weakest performer among major tokens on a weekly basis.

Across markets, the weakness is broad. Gold—typically a safe haven during geopolitical turmoil—has now fallen roughly 18% from its recent highs. Asian equities are approaching correction levels, while bitcoin continues to hold above the $66,000 support zone that has remained intact through prior war-driven sell-offs since late February.

According to Alexander Blume, CEO of Two Prime, the divergence between gold and bitcoin reflects structural shifts rather than short-term market dynamics. He noted that countries such as China had been accumulating gold to reduce reliance on Western financial systems, but that trend has reversed as liquidity has become a priority amid escalating tensions.

Blume added that bitcoin’s spot and derivatives markets have remained relatively stable despite the challenging macro backdrop. The firm is positioning for a potential increase in funding and futures rates in the coming months, reflecting a contrarian view that markets may be underestimating upside risks.

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

Meanwhile, Goldman Sachs has raised its oil price outlook, increasing 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 in global crude markets.