Bitcoin price is rising again in a sharp market reversal. Why the Middle East crisis has investors turning to crypto

"On Monday, the price of Bitcoin (BTC) was up more than 5%, jumping to more than $69,000 as of 12 p.m. ET from around $65,500 on Sunday afternoon. Likewise, Ethereum (ETh) was up around 6% while XRP rose about 3%. The CoinDesk 20, a crypto market index, is also up around 5%."

"The broad increase in crypto values was a reversal from a downslide that cryptocurrency markets had been seeing in the lead-up to the United States and Israel launching attacks on Iran on Saturday. On Saturday, after news of the attacks broke, Bitcoin values fell to near $63,000. But as of midday Monday, values were up around 9% from that Saturday low point."

"At the same time, the broader stock market has been flat. The S&P 500 is actually down around 1.5% over the past month. Additionally, crypto-related stocks are also up on Monday. For instance, Coinbase Global (Nasdaq: COIN) saw its shares rise around 4%, while stablecoin issuer Circle Internet Group (NYSE: CRCL) was up 13%."

Cryptocurrency markets experienced significant gains on Monday, with Bitcoin jumping over 5% to exceed $69,000, Ethereum rising approximately 6%, and XRP gaining 3%. The CoinDesk 20 index also increased around 5%. This upward movement reversed a recent downslide triggered by U.S. and Israeli attacks on Iran on Saturday, which had pushed Bitcoin down to near $63,000. By Monday midday, Bitcoin had recovered approximately 9% from its Saturday low. Notably, this crypto rally contrasted with the broader stock market, which remained flat with the S&P 500 down 1.5% over the past month. Crypto-related stocks also participated in the gains, with Coinbase Global shares rising 4% and Circle Internet Group climbing 13%.

Read at Fast Company