Bitcoin climbed back above the $70,000 level on Tuesday during East Asia trading hours, recovering from a weekend selloff as geopolitical tensions and volatility in energy markets rattled global financial assets. The largest cryptocurrency briefly fell to around $65,000 over the weekend as investors reacted to rising oil prices and escalating conflict in the Middle East. Prices later stabilized in the mid-$60,000 range before rebounding as markets adjusted to the geopolitical developments. The move higher came as crude oil volatility eased after a surge driven by fears of supply disruptions linked to the Strait of Hormuz. Bitcoin initially declined alongside risk assets during the shock but recovered relatively quickly compared with other markets. Market participants said the cryptocurrency showed resilience during the period of heightened uncertainty. “Bitcoin dipped below 66k during the initial risk-off wave yet quickly stabilized back in the 66k to 68k range,” market maker Enflux said in a note to CoinDesk. “In relative terms, it held up better than equities and even some traditional hedges.” Institutional demand remains supportive Institutional investment flows have continued to provide support for the digital asset despite recent volatility. US-listed spot Bitcoin exchange-traded funds recorded approximately $568 million in net inflows last week, following $787 million in the previous week, according to data from SoSoValue. The inflows pushed cumulative net investments across the ETF products above $55 billion. According to CoinGlass's data, BTC ETFs received $167.1 million of inflow on Monday. Blockchain analytics firm Glassnode said broader market conditions were stabilizing but noted that investor conviction remained limited. “Overall, conditions are stabilizing, with momentum, ETF demand, and profitability metrics improving modestly,” analysts at Glassnode wrote in a report. “However, capital flows remain soft, speculative participation is limited, and broader conviction has yet to fully return.” Prediction markets also turned more optimistic as Bitcoin recovered. On Polymarket, the probability that Bitcoin could reach $75,000 in March rose to around 56% from roughly 34% a day earlier. Broader crypto market joins rally Bitcoin’s rebound came alongside a wider recovery across digital assets after US President Donald Trump said he expects the conflict with Iran to end soon. “We’re ahead of our initial timeline by a lot,” Trump said during a press conference in Florida. The broader cryptocurrency market rose about 2.7% in the past 24 hours to nearly $2.37 trillion, triggering roughly $353.19 million in liquidations, according to data from CoinGlass. Short positions accounted for about $195.33 million of the total. Bitcoin itself rose 3.71% during the period to around $69,655 after reaching above $70,000 earlier in the session. Altcoins also participated in the rally. Solana gained about 4.7% to roughly $86, while Ethereum climbed 4.5% to move above $2,000. Binance Coin increased around 4.1% to about $644, while Cardano rose roughly 4% to $0.26. XRP advanced nearly 3% to around $1.29. Tron was the only cryptocurrency among the top ten by market capitalization to decline, slipping about 1.3% to roughly $0.28. Strategy adds to Bitcoin holdings Corporate demand for Bitcoin also strengthened as Strategy (previously known as Microstrategy), the largest corporate holder of the cryptocurrency, disclosed a major purchase. The company acquired 17,994 Bitcoins between March 2 and March 8 for a total cost of $1.28 billion, according to a securities filing. The purchase price averaged $70,946 per token. Following the acquisition, Strategy’s total holdings rose to 738,731 Bitcoins purchased at an average price of $75,862. Company chairman Michael Saylor signaled the update with a post on social media over the weekend. “The Second Century Begins,” Saylor wrote. Despite its continued buying strategy, Strategy has faced scrutiny over its large exposure to Bitcoin. Earlier this year the company reported a fourth-quarter net loss of $12.4 billion , compared with a $670.8 million loss a year earlier. The latest results included a $17.4 billion unrealized fair-value loss on its digital asset holdings under accounting rules requiring companies to value cryptocurrencies at current market prices. Even so, the company has continued to expand its Bitcoin treasury as institutional interest in the digital asset grows. The post Bitcoin rebounds to $70K, Strategy (MSTR) buys $1.28B BTC appeared first on Invezz
