Bitcoin flat around $66,000… Asian stocks plunge; oil spikes 7%

As the military clash between the United States and Iran intensified, Asian stock markets tumbled and global oil prices surged, while Bitcoin has shown relatively limited volatility around the $66,000 level.

According to CoinMarketCap, a crypto market-tracking site, Bitcoin was trading at $66,100, down about 1% over the past 24 hours as of the 2nd. Ethereum (ETH) fell 2.8% to $1,940.

Over the weekend, Bitcoin oscillated within a $63,000–$66,000 range. With tensions between the United States and Iran rising, volatility increased after reports said Iran’s Supreme Leader Ayatollah Ali Khamenei had been killed in a joint U.S.-Israeli airstrike.

Analysts, however, said the pullback in crypto assets was relatively limited compared with traditional financial markets. Dominic John of Kronos Research said, “We saw risk-asset selling over the weekend, but prices rebounded quickly,” adding that “around-the-clock liquidity helped absorb the shock.”

Traditional markets reacted more sharply right after the open. Japan’s Nikkei 225 fell more than 2.5% intraday, while the Topix slid nearly 3%. Hong Kong’s Hang Seng Index and Singapore’s Straits Times Index each dropped around 2%.

Oil prices surged. Brent crude traded around $78 a barrel, up more than 7% in a single day. Gold also rose 1.9% to $5,381 an ounce.

In markets, oil is seen as a key channel through which geopolitical shocks spill over into crypto and risk assets more broadly. Rick Maeda of Presto Research said, “If oil settles above $90, inflation expectations could rise and real yields could increase, tightening liquidity,” adding that “in that case, crypto could trade like a high-beta asset sensitive to macro variables.”

Concerns over supply disruptions also grew after reports of ships being attacked near the Strait of Hormuz. The possibility of a blockade of the strait—through which about 20% of global crude flows pass—could drive up insurance premiums and force route changes, stoking inflationary pressures, according to observers.

Even so, on-chain and derivatives indicators showed limited signs of structural stress. There were no signs of large stablecoin outflows or cascading liquidations. In perpetual futures markets such as Hyperliquid, oil- and metals-linked contracts reportedly moved sharply, serving a real-time price discovery function.

Meanwhile, experts said the next move will hinge on oil prices, inflation expectations and how the U.S.-Iran conflict unfolds. Elevated volatility tied to macro factors could persist for the time being.