Bitcoin Steadies Amid Middle East Tensions, Outperforming U.S. Equities
- Bitcoin held steady at $66,600 after a weekend selloff due to Middle East tensions.
- Funding rates in Bitcoin futures turned sharply negative, with rates at -6% indicating crowded short positions.
- Oil prices surged with Brent crude up roughly 8–10% and U.S. WTI up about 7–8% amid fears of supply disruption.
- Gold increased by more than 2%, reaching $5,388 per troy ounce as a safe-haven asset.
The recent escalation in the Middle East has led to volatility across global markets, affecting commodities like oil and gold while Bitcoin showed resilience compared to U.S. equities. The negative funding rates in Bitcoin futures suggest a significant bearish sentiment among traders.
Despite geopolitical tensions, Bitcoin managed to recover from its weekend lows, highlighting its relative strength against traditional equity markets impacted by the conflict’s uncertainties. (Source)
