Oil Shock Rattles Global Markets While Bitcoin Holds Firm
Crude oil surged past $110 as Middle East tensions escalated, triggering a 17-18% spike in West Texas Intermediate. Asian equities bore the brunt—Japan’s Nikkei plunged 6%, South Korea’s Kospi tumbled 8%. U.S. futures followed suit, with the Dow shedding 2.1%.
Bitcoin defied the selloff, anchoring near $67,000 as traders treated it as a geopolitical hedge. Ether and Solana edged higher, reinforcing crypto’s divergence from traditional risk assets. Prediction markets now price a 76% chance of oil hitting $120 by March-end.
The Strait of Hormuz disruption threat looms large, with Iraq’s output reportedly down 70%. Energy-sensitive altcoins like FIL and CVX may see volatility, while stablecoin demand could rise if Fed rate pause bets hold at 98%.
