Odaily Odaily reports that Bitcoin held above $70,000 despite crude oil prices rising over 10% on Thursday, nearing $100 a barrel. US President Trump stated he was more concerned with preventing Iranian actions than with oil prices; meanwhile, Iran's new Supreme Leader made his first public statement declaring the Strait of Hormuz should remain closed. Market anxieties intensified, leading to a sharp decline in stocks: the Nasdaq fell 1.6%, and the S&P 500 fell 1.2%. Morgan Stanley's $800 million North Harbour Private Equity Income Fund suspended redemptions, causing its share price to fall 4%, with the financial sector generally under pressure. JPMorgan Chase, Citigroup, and Wells Fargo fell by about 3%, while private equity firms KKR and Ares Management fell 3%-4%.
James Butterfill, Head of Research at CoinShares, points out that oil prices and the underlying geopolitical crisis have become major drivers of global asset pricing, while market sensitivity to expectations of Federal Reserve interest rate hikes has decreased. Despite increased market volatility, Bitcoin has demonstrated resilience, reflecting that institutional investors' demand for Bitcoin has moved beyond simple price speculation, focusing more on infrastructure and applications that can unlock Bitcoin's financial utility. Bitcoin's strength amidst multiple intertwined risks indicates that large investors are seeking a more robust Bitcoin financial ecosystem. (CoinDesk)
