Odaily Planet Daily Report: Amid a more than 10% surge in crude oil prices on Thursday, nearing $100 per barrel, Bitcoin held firm above $70,000. U.S. President Trump stated that he is more concerned with preventing Iranian actions than with oil prices; meanwhile, Iran’s new supreme leader made his first public statement asserting that the Strait of Hormuz should remain closed. Market concerns intensified, leading to sharp stock declines: the Nasdaq fell 1.6%, and the S&P 500 dropped 1.2%. Morgan Stanley suspended redemptions for its $800 million North Harbor Private Equity Income Fund, causing its shares to decline 4%, with broad pressure across the financial sector. JPMorgan Chase, Citigroup, and Wells Fargo each fell about 3%, while private equity firms KKR and Ares Management dropped 3%-4%.
James Butterfill, Head of Research at CoinShares, noted that oil prices and the underlying geopolitical crises have become primary drivers of global asset pricing, with markets growing less sensitive to expectations of Federal Reserve rate hikes. Despite increased market volatility, Bitcoin has demonstrated resilience, reflecting that institutional demand for Bitcoin now extends beyond mere price speculation to a focus on infrastructure and applications that unlock its financial utility. Bitcoin’s strength amid multiple overlapping risks indicates that large investors are seeking a more mature Bitcoin financial ecosystem. (CoinDesk)