Bitcoin surged to a two-week high near $70,000 on Monday, recovering from a weekend drop as broader markets showed resilience during ongoing military conflict. The leading cryptocurrency gained 4.4% alongside advances in Ethereum, Solana, and XRP, while U.S. stock indices also stabilized after initial losses. Market analysts are assessing whether geopolitical instability will persist or lead to a potential resolution.
The price of Bitcoin jumped to a two-week high near $70,000 on Monday, pushing higher alongside riskier assets. The move occurred as the war launched by the U.S. and Israel on Iran entered its third day.
Bitcoin recently changed hands around $68,938, marking a 4.4% increase over the past day according to CoinGecko. Some platforms, including Coinbase and CoinMarketCap, showed Bitcoin briefly rising above the $70,000 mark late Monday morning.
The asset had fallen as low as $63,100 early Saturday following initial word of bombings in Iran. It then ticked up throughout the day amid initial reports of Iran’s Supreme Leader Ayatollah Ali Khamenei’s death.
On Monday, Ethereum had risen 3.2% to $2,032. Meanwhile, Solana and XRP had increased 3.5% to $87 and 1.3% to $1.39, respectively.
The Nasdaq Composite showed losses when U.S. markets opened but surged suddenly to recover. As of midday, the tech-heavy index had climbed 0.39%, while the S&P 500 was little changed.
The move marked a dramatic reversal from fears arising as the international conflict first broke. President Donald Trump indicated from the White House that operations were still in full swing.
“The United States military continues to carry out large-scale combat operations in Iran,” Trump said before recognizing U.S. personnel with the Medal of Honor. “We are destroying Iran’s missile capabilities, and you see that on an hourly basis.”
Stephen Coltman, head of macro at 21shares, stated that markets are trying to determine Iran’s next steps. He noted the key question is whether remaining leadership will move quickly to strike a deal or if prolonged regional instability is more likely.
