Bitcoin Holds Near $70,000 Amid Middle East Tensions and Global Market Pressure

Odaily Planet Daily: Amid escalating tensions in Iran and pressure on global stock markets, Bitcoin’s price has remained near $70,000, demonstrating strong resilience. Despite continued pessimism in the crypto market—with the Crypto Fear & Greed Index consistently in the “extreme fear” range and Bitcoin perpetual contract annualized funding rates remaining negative since early March, signaling growing bearish sentiment—Bitcoin’s price has not experienced a significant pullback. Meanwhile, the CBOE Volatility Index (VIX), Wall Street’s gauge of market volatility, rose to 25 this week, the highest level in over a year. Since the escalation of Middle East conflicts on February 28, Bitcoin has risen approximately 7%, outperforming most major assets: the Nasdaq-100 Index has remained flat, the S&P 500 has declined about 1%, gold has fallen around 3%, and silver has dropped nearly 9%. Additionally, BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), rose about 1% during Wednesday’s U.S. trading session, while major indices such as the Dow Jones Industrial Average generally declined, underscoring Bitcoin’s relative resistance to market turmoil. Analysts suggest that large traders and institutions continuing to accumulate Bitcoin through over-the-counter transactions may be a key factor supporting price stability. (CoinDesk)