BlockBeats news, on March 1, according to Bloomberg, after Iran confirmed the death of Supreme Leader Khamenei in a U.S.-Israel military operation, the crypto market saw a significant rebound during early Asian trading on Sunday.
Bitcoin rose 2.21% to $68,196 before pulling back to around $67,300, following a 3.8% decline the previous day. Ethereum peaked 4.58% higher, reclaiming the $2,000 level.
Data shows that after losing approximately $128 billion in market value the previous day, the crypto market rebounded by around $32 billion early Sunday. Analysts note that, due to the 24/7 trading nature of the crypto market, Bitcoin acted as a "liquidity pressure valve" during the weekend escalation of geopolitical tensions, absorbing selling pressure that might otherwise have been directed toward equity, bond, and commodity markets.
However, the market still faces uncertainty. Iran has launched counterattacks against multiple locations, including Israel, Qatar, the UAE, and Bahrain, and has threatened further strikes on bases related to the United States. Some traders believe that true price discovery may occur after U.S. stocks and Bitcoin ETFs resume trading on Monday.
The derivatives market also experienced significant volatility. Analysis firms noted that on Saturday, Bitcoin derivatives selling volume surged by approximately $1.8 billion in a single hour, indicating a rise in short-term risk-off sentiment. Meanwhile, tokenized commodity contracts linked to crude oil, gold, and silver on the decentralized exchange Hyperliquid also saw price increases.