March 2 News: The sudden escalation of tensions in the Middle East has triggered turbulence in global financial markets. After the U.S. and Israel launched large-scale airstrikes against Iran, news of Iran’s Supreme Leader Ali Khamenei being attacked and killed spread rapidly. Rising geopolitical risks caused energy and safe-haven asset prices to soar, while the cryptocurrency market experienced significant volatility, with Bitcoin, Ethereum, and XRP all declining.
Following the news, Bitcoin briefly rebounded to around $68,000. Some investors initially believed that Iran’s power structure might be in transition, and that short-term tensions could ease, leading to a brief rally in risk assets. However, this optimistic sentiment did not last long. As U.S. President Trump stated that the U.S. military would continue airstrikes against Iran, market risk appetite quickly cooled, and digital assets entered a retracement phase.
Data shows that Bitcoin, after surging to $68,000, fell back to approximately $66,249, a daily decline of about 1%. Despite maintaining a gain of around 1.5% over the past week, it has nearly 20% decline over the past month. Meanwhile, Ethereum briefly broke above $2,000 but retreated to about $1,947, down approximately 2.4% for the day; XRP also weakened, currently around $1.35, nearly 3% lower than the previous trading day.
Unlike the crypto market, traditional safe-haven assets strengthened significantly. Concerns that Middle East conflict could threaten global energy supplies led to the largest single-day increase in international oil prices in four years. Gold prices also surged, reaching near $5,382, with a 24-hour increase of about 2%. Silver prices rose to around $95 as well.
Orbit Markets analyst Caroline Mauron pointed out that the current market focus is on the energy sector and the Strait of Hormuz. This strait accounts for about one-fifth of global oil transportation. If the situation worsens, it could trigger a chain reaction affecting global inflation and financial markets. In this context, short-term movements in cryptocurrencies are more driven by macro risk sentiment.
Additionally, Iran denied reports of resuming nuclear negotiations with the U.S., further complicating tensions. As investors continue to shift toward gold and energy assets for safety, digital assets like Bitcoin and Ethereum may remain highly volatile in the short term. The market will next focus on developments in Middle East tensions and how changes in energy prices impact risk assets.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Michael Saylor Signals New Bitcoin Buy Amid Market Weakness
Michael Saylor hinted at another Bitcoin purchase by Strategy after its 100th acquisition amidst a downturn in Bitcoin's price. The company raised its STRC stock dividend as it continues its long-term Bitcoin accumulation strategy.
TheNewsCrypto26m ago
Data: If BTC breaks through $69,504, the total liquidation strength of mainstream CEX short positions will reach $1.251 billion.
ChainCatcher reports that, according to Coinglass data, if BTC breaks through $69,504, the total liquidation strength of long positions on major CEXs will reach $1.251 billion. Conversely, if BTC drops below $62,934, the total liquidation strength of short positions on major CEXs will reach $1.193 billion.
GateNews38m ago
Steak ’n Shake Rolls Out $0.21 Hourly Bitcoin Bonus
Steak ’n Shake has introduced a Bitcoin bonus of $0.21 per hour for all hourly employees, supplementing their wages without replacement. The initiative aims to attract skilled workers and promote digital asset engagement. Participation is optional, allowing employees to manage their earnings as they choose.
CryptoFrontNews48m ago
Strait of Hormuz Tensions Push Up Oil Prices, Bitcoin Faces Liquidity Tests from All Sides
As the Middle East situation intensifies, the Strait of Hormuz has become a focal point for oil supply, disrupting tanker transportation. The expected range for crude oil price fluctuations is $70 to $150. Rising oil prices could impact the Bitcoin market, leading to liquidity tightening and increased deleveraging risks. Over the next four weeks, Bitcoin's performance will be influenced by the situation in the Strait of Hormuz. If the situation eases, the market may regain risk appetite.
GateNews1h ago
Bitcoin's decline has yet to reach the pain point; March may present a strategic accumulation opportunity
Bitcoin fell nearly 15% in February, and the market expects a rebound in March, but analysts warn that current losses are not at their maximum, and prices still have room to decline. Bitcoin's Sharpe ratio is near the bottom, and it may continue to fall to $48,000-$52,000. The unrealized loss rate is as high as 39%, and the historical bottom has not yet arrived. Geopolitical tensions increase market uncertainty, and investors should proceed cautiously. March may be a key window for a phased bottom.
GateNews1h ago
BitMart Market Report: Altcoin Activity Shows Clear Segmentation, Mainstream Assets Still Dominate Overall Volatility
Odaily Planet Daily reported that according to BitMart's March 2 market analysis, the total market capitalization of the crypto market is approximately $2.82 trillion, with a 24-hour change of about -1.78%, and the market trading volume is around $133.7 billion. Structurally, Bitcoin's market share is about 58.7%, and Ethereum's market share is about 8.8%. Mainstream assets still dominate overall fluctuations; altcoins show significant activity divergence, and short-term trading sentiment has cooled compared to the previous day. The current market is more influenced by macro expectations and capital flows. It is recommended to pay attention to position management and liquidity changes.
GateNews1h ago
