The ongoing conflict in the Middle East has led to a resurgence of the 'war premium', causing a ripple effect in the cryptocurrency market. Bitcoin's value slid 2.1% over the past 24 hours to $75,633, while ether dropped 3.4% to $2,244.
Other cryptocurrencies, including XRP and Solana, also saw significant declines. The current situation has been exacerbated by reports that President Trump is being briefed on military options for Iran, leading to a surge in oil prices. The global benchmark for oil has now reached a nine-day winning streak, with prices increasing by over 100% year-to-date.
The only cryptocurrency to see an increase is dogecoin, which rose 3.8% on the day and 10.1% on the week. The cryptocurrency market's resilience is being tested, with bitcoin's value now $50,000 below its all-time high in October 2025.
Experts believe that any break above $80,000 will require a resolution to the conflict in the Middle East and a subsequent drop in oil prices. One possible scenario is that the Trump administration may lift the naval blockade of Iran, leading to a relief rally and an accelerated influx of capital into risk assets, potentially paving the way for bitcoin to consolidate above $80,000 and move towards $85,000.