Bitcoin nears $70,000 as markets shrug off Iran conflict

BITCOIN rallied near to $70,000 mark in Monday trading, rebounding sharply from weekend lows even as global markets assessed the fallout from escalating tensions involving Iran. The broader crypto market also pushed higher, mirroring a recovery in U.S. equities.

About an hour after the opening bell, the Nasdaq Composite was down just 0.1 percent, a far milder move than overnight futures had suggested, when losses of more than 2 percent were projected. The S&P 500 and Dow Jones Industrial Average similarly recorded only slight declines, indicating a more measured response from investors than initially feared.

In contrast, traditional safe-haven and energy assets remained firmly bid. Gold advanced 2 percent, while crude oil prices surged 7 percent amid geopolitical concerns. The U.S. dollar index posted one of its strongest performances in weeks, rising 1 percent as demand for the greenback strengthened.

Bitcoin (BTC) traded at $68,600, up 2.3 percent over the past 24 hours after briefly touching higher levels. Ether (ETH) gained 1.4 percent, while solana (SOL) and XRP (XRP) posted comparable advances, extending the broader crypto market’s recovery from the weekend selloff.

Shares of crypto-linked companies outperformed the underlying tokens. Circle (CRCL) jumped 12 percent, Strategy (MSTR) climbed 6 percent, and Galaxy Digital (GLXY) rose 4.7 percent, reflecting renewed investor appetite for digital asset exposure through equities.

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On the economic front, fresh data signaled strengthening U.S. manufacturing activity. The ISM Manufacturing PMI rose to 52.4 in February, marking another month of expansion and the first back-to-back readings above 50 since the fourth quarter of 2022. The improvement followed Friday’s Chicago Business Barometer, which climbed to 57.7 in February 2026 from 54 previously, well above expectations of 52.8. The report indicated only the second expansion since November 2023 and the strongest pace of U.S. activity growth since May 2022.

With Middle East tensions intensifying, manufacturing activity reaccelerating, last week’s hotter-than-expected producer price data, and oil prices climbing, expectations for a near-term interest rate cut have faded. A reduction in rates at the Federal Reserve’s March 18 meeting now appears highly unlikely.

Ordinarily, diminished prospects for monetary easing could weigh on risk assets such as cryptocurrencies. However, market participants may have already adjusted to the prospect of tighter U.S. policy, helping digital assets stage a rebound despite the shifting macroeconomic backdrop.