Bitcoin traded flat in Asian trading on Monday after slipping 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 down 0.3% at $67,125.8 by 03:22 ET (07:22 GMT), after falling below $66,000 earlier in the session.
Bitcoin ended last week higher in contrast to other risk assets, due to lesser exposure to oil markets, but lost momentum over the weekend.
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Iran conflict, oil surge spark inflation worries Oil prices surged sharply on Monday, with crude jumping near $120 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 war entered its second week, with no signs of de-escalation. Iran named Mojtaba Khamenei as successor to his father Ali Khamenei as supreme leader, a move markets see as a continuation of hardline policies and prolonged geopolitical tensions.
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 fall when investors retreat from riskier investments.
Asian stocks tumbled in early trade on Monday, while Wall Street futures slipped 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.
Crypto price today: altcoins remain rangebound Most altcoins were also subdued on Monday.
World no.2 crypto Ethereum edged up 0.5% to $1,965.25.
World no. 3 crypto XRP fell 2% to $1.33.
Solana eased 0.3%, while Cardano gained 0.4% and Polygon rose 1.6%.
Among meme tokens, Dogecoin edged 0.3% higher.
