The world’s largest cryptocurrency was last up 0.3% at $67,226.8
Bitcoin traded flat in Asian trading on Monday after sliding over the weekend, as an escalating conflict between the U.S., Israel and Iran sent oil prices surging and rattled global markets.
The world’s largest cryptocurrency was last up 0.3% at $67,226.8 by 03:53 GMT, after dropping below $66,000 earlier in the session.
Bitcoin ended last week higher, in contrast to other risk assets, but lost momentum over the weekend.
Oil prices surged sharply on Monday, with crude climbing above $110 per barrel.
The spike came after intensifying military exchanges between U.S.–Israeli forces and Iran raised concerns about sustained disruptions to oil flows through the Strait of Hormuz, a key global shipping route.
The spike in crude prices also follows a widening set of attacks on energy infrastructure across the region.
The sharp rise in energy prices has revived global inflation concerns and complicated the outlook for major central banks, which had been expected to gradually ease monetary policy this year.
Bitcoin often trades like a high-beta risk asset during periods of macro uncertainty, meaning it tends to drop when investors retreat from riskier investments.
For Bitcoin traders, the key question is whether the shock remains contained to commodities or spreads more broadly across risk assets.
Historically, cryptocurrencies have tended to move in tandem with equities during periods of macro stress.
Asian stocks tumbled in early trade on Monday, while U.S. stock futures slid more than 2%.
The cryptocurrency’s losses over the weekend also reflected the fact that digital asset markets trade around the clock, allowing investors to react immediately to geopolitical news even when traditional financial markets are closed.
Other major cryptocurrencies edged higher. Ethereum gained 1.5% to $1,977.50, while XRP edged up 0.2% to $1.35.
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