Bitcoin near $67K as futures rise, oil eases on Iran report

Bitcoin hovered near $67,400 on March 31 as S&P 500 futures gained 0.8% and West Texas Intermediate crude eased to about $103. The shifts followed a report that President Donald Trump is willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed.

The largest cryptocurrency was little changed over 24 hours after rebounding from a brief drop below $65,200 on March 30, its lowest level since the conflict began in late February. Ether traded around $2,062, up 0.4% on the day. Solana’s SOL slipped 0.9% to $83.07, XRP fell 2.2% to $1.32, and dogecoin declined 2.1% to $0.09. For the week, SOL and XRP led losses among major tokens at about 8% and 6.4% respectively, with large altcoins down 3% to 8%. The total crypto market value held near $2.32 trillion, roughly unchanged over the past week.

U.S. equity futures turned higher and oil pared gains after the report on potential changes to U.S. war aims. WTI had jumped to $107 earlier in the session, then reversed to trade near $103 after Iran struck a Kuwaiti crude oil carrier in Dubai. Treasuries extended gains and the dollar weakened against most major peers.

The S&P 500 is on its longest daily losing streak since 2022, and the MSCI Asia Pacific index is heading for its worst month since October 2008. Over the past week, the Nasdaq 100 dropped about 5%.

Since late February, Bitcoin has traded between roughly $65,000 and $73,000. Monday’s dip below $65,200 was followed by a quick rebound above $67,000 that continued into early Tuesday trading.

“Although the cryptocurrency market remains below its 50- and 200-day moving averages, it is finding support on dips to the lows seen since early February, demonstrating horizontal stabilization following the slump, while equities are forming a downtrend,” noted Alex Kuptsikevich, chief market analyst at FxPro.

A recent research by JPMorgan indicated that Bitcoin has held up better than gold and silver during the Iran crisis.

According to the report on strategy, forcing open the Strait of Hormuz could extend the conflict beyond a four-to-six week timeline, and the campaign could be wound down even if the waterway stays constrained.