Bitcoin, U.S. stock futures give up early gains as Iran conflict intensifies

CoinDesk

by Omkar Godbole

March 2, 2026

AI-Generated Deep Dive Summary

Bitcoin and U.S. stock futures experienced a pullback as tensions between Iran and the United States escalated in the Middle East. The leading cryptocurrency, Bitcoin, dropped below $66,000 after reaching nearly $67,000 earlier in Asian trading sessions. Meanwhile, S&P 500 e-mini futures fell by 1.4%, reversing initial gains. Oil prices surged over 7% on both sides of the Atlantic, driven by concerns over supply disruptions from Iran's missile attacks on U.S. assets in Bahrain, Kuwait, and the UAE, as well as its targeting of Saudi Aramco's Ras Tanura refinery. The conflict escalated further when Israel conducted airstrikes in Lebanon, hitting Hezbollah targets. These actions are part of a broader strategy by Iran to increase the cost of the war for the U.S. Stephen Coltman, head of macro at 21Shares, explained that Iran aims to disrupt oil and LNG flows through the Strait of Hormuz, potentially driving up commodity prices and inflation. This strategy could benefit perceived safe-haven assets like Bitcoin, which often see demand during times of geopolitical uncertainty. Despite initial signs of haven demand, Bitcoin has not shown significant resilience compared to traditional safe havens like gold or silver. The cryptocurrency's performance has been more aligned with risk-off sentiment, mirroring declines in equity markets. Altcoins largely followed Bitcoin's trajectory, with some outperforming others, reflecting the broader market dynamics. Recent events, including U.S. and Israeli strikes on Iran that killed its supreme leader, have triggered $300 million in crypto liquidations. This highlights the volatility in the cryptocurrency market during periods of geopolitical instability. While Bitcoin initially showed resilience earlier in the week, the ongoing

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Originally published on CoinDesk on 3/2/2026