Bitcoin has risen 1.6% this week, while oil prices increased for the third consecutive day and gold prices fell for the fourth.
By Shaurya Malwa Jul 9, 2026, 4:57 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Bitcoin remains above $62,000, showing little reaction to tensions in the Middle East, while oil prices rise, gold prices decrease, and bond yields increase.
- Market participants are increasingly interpreting war-related disruptions as factors influencing interest rates, with bitcoin now reflecting front-end Treasury yields more closely than traditional safe havens like crude oil or gold.
- Traders identify $60,000 as a pivotal support level: maintaining this threshold amid escalating tensions could indicate a shift from gold to bitcoin as a rates-sensitive asset, while a significant drop below would imply that the recent stability was merely temporary.
On Thursday, Bitcoin held steady above $62,000, while other assets typically used as hedges against conflict behaved inconsistently.
Brent crude oil saw a 1% increase, reaching $78.80 per barrel, marking its third day of gains following additional U.S. military strikes against Iran and heightened concerns regarding the potential closure of the Strait of Hormuz.
Gold prices continued to decline for a fourth consecutive day, settling around $4,060 an ounce. Government bonds in Japan, Australia, and New Zealand experienced declines, extending a global selloff from Wednesday, with two-year Treasury yields nearing their highest point for 2026.
Bitcoin was trading at $62,009, reflecting a 1.2% decrease over the past 24 hours but a 1.6% increase for the week. Ether was priced at $1,730, also down 1.2% in a day but up 5.7% over the week. Solana lagged at $77.25, down 1.8% daily and 1.7% weekly. XRP fell 0.7% to $1.09, while TRON gained 4% weekly, and hyperliquid's HYPE rose 5.9% over the week despite a 1.2% daily decline.
The escalation of tensions renewed concerns about inflation and shifted expectations regarding interest rates.
On Wednesday, money markets adjusted their forecast for the next Federal Reserve rate hike from December to October, a change occurring in a market already experiencing high valuations following this year's surge in artificial intelligence stocks. The rise in rates has contributed to the decline in gold prices, as a non-yielding asset becomes less attractive when cash yields more.
Despite the same reasoning suggesting that bitcoin should decline, it has not. The market has shown a 1.2% daily change in bitcoin, which previously would have seen a 5% drop on similar news from Hormuz. This trend has persisted throughout the conflict since February, with each new escalation leading to a smaller market reaction.
This shift indicates that the market is no longer viewing Middle East risks solely as crypto-specific but is beginning to see them as interest rate-related events, which explains why bitcoin's movements are now more closely aligned with the front end of the yield curve than with crude oil prices.
The market sentiment reflects this perspective. The Fear and Greed index has risen to 27, moving out of the extreme fear zone it occupied for 40 days. This represents a shift from panic rather than a strong move toward confidence, as the index has not remained above 50 since November.
Traders are focusing on the $60,000 mark as a critical threshold for the next market movement. Bitcoin has managed to recover from multi-month lows, maintaining a range that has endured a rate adjustment, conflict escalation, and a bond selloff all within the same week.
If bitcoin can withstand another escalation in Hormuz without dropping below $60,000 while gold continues to decline, it will affirm the trend of moving away from traditional hedges, indicating that bitcoin is being revalued as a rates-sensitive asset rather than a risk asset. Conversely, a sharp drop below $60,000 in response to the same developments would suggest that the diminishing market reactions are due to a temporary calm rather than a fundamental change in how the market interprets this conflict.
Latest Crypto News- 1Polymarket bets on U.S. marketing blitz to win back trust after 4-year ban: Report13 hours ago
- 2Crypto Long & Short: With MSTR concerns assuaged, look to traditional signals around BTC13 hours ago
- 3Crypto VC Paradigm launches $1.2 billion AI fund as it broadens beyond digital assets13 hours ago
- 4Dinari, tZERO join forces on turnkey platform for tokenized U.S. equities14 hours ago
- 5Adam Back's bitcoin treasury firm scraps SPAC merger, seeks new deal14 hours ago
- 6BNB Chain is building a new layer-1 for high-frequency trading and AI agents14 hours ago
- 7Citadel abandons multi-year crypto lawsuit to focus on bankruptcy order against an ex-employee16 hours ago
- 8SpaceX's first bitcoin wallet movements in six months likely don't signal sales16 hours ago
- 9Bitcoin's inflation quagmire gets stickier as renewed MidEast conflict sends oil price soaring17 hours ago
- 10Crypto and stocks tumble after Trump declares ceasefire 'over' following Iran strikes18 hours ago
SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
By CoinDesk ResearchJul 7, 2026Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Why it matters:
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
View Full ReportMore From Markets