Bitcoin news: BTC jumps above $71,000, building on resilience to Middle East conflict

CoinDesk

by Omkar Godbole

March 4, 2026

AI-Generated Deep Dive Summary

Bitcoin has surged past $71,000, marking a significant gain of over 6% in just 24 hours. This upward movement highlights the cryptocurrency's growing resilience during times of geopolitical instability, particularly amid the escalating Middle East conflict involving Iran and other nations. While traditional safe-haven assets like gold have shown weaker performance, Bitcoin continues to demonstrate strength, with its downside capped around $65,000 despite ongoing tensions. The rally in Bitcoin has also spurred gains across major cryptocurrencies, including ether (ETH), XRP (XRP), and solana (SOL). These coins saw increases ranging from 4% to 6%, reflecting broader market optimism. The CoinDesk 20 Index, which tracks a wider range of digital assets, rose by over 5% to reach 2,025 points. This suggests that Bitcoin's upward momentum is not isolated but part of a larger crypto market uptrend. Analysts from Tagus Capital have noted that Bitcoin appears to be exhibiting "defensive characteristics" during periods of crisis, positioning it as an alternative to traditional safe-haven assets like gold. While gold has seen its price decline from highs above $5,400 per ounce, Bitcoin continues to climb, further solidifying its role as a flexible yet high-risk investment option in uncertain times. The resilience of Bitcoin comes despite escalating tensions in the Middle East, which have raised concerns about energy-price inflation and global economic stability. Iran's recent actions to block oil supplies through the Strait of Hormuz have heightened fears of supply disruptions, adding to market volatility. However, these geopolitical developments seem to have had a limited impact on Bitcoin's trajectory, with its price holding steady above key support levels. This rally in Bitcoin aligns with broader trends in the crypto market, where institutional interest continues to grow. For instance, Morgan Stanley has proposed a Bitcoin ETF that would track the CoinDesk Bitcoin Benchmark 4PM New York Settlement Rate, underscoring the

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Originally published on CoinDesk on 3/4/2026