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#IsraelStrikesIranBTCPlunges
Asian markets plummeted on Monday. U.S. and Israeli strikes on Iran sharply boosted oil prices, caused stocks to fall, and prompted investors to rush into safe-haven assets. Against this backdrop, Bitcoin held up better than expected — trading around $66 500 in the morning, although over the weekend its price dropped to $63 000 and rose back to $68 000.
After the actual blockade of the Strait of Hormuz and a 13% increase in Brent, the market is testing whether Bitcoin will become a safe haven amid geopolitical crises or if it will remain another risky asset being sold off along with stocks.
Nikkei in Japan opened down 2.15%, losing over 1,260 points. During the day, the decline was reduced to 1.66% — to 57,875. Hang Seng in Hong Kong fell 2.54%, and the Straits Times in Singapore dropped 2.13%. Shanghai managed to hold better — a decline of only 0.45%.
Shares of airlines — Qantas, Singapore Airlines, Japan Airlines — lost more than 5% due to route reorientations amid the closure of the Strait of Hormuz and rising fuel costs. Major Chinese airlines also suffered significant losses.
But the spike in oil prices quickly subsided — gasoline prices are not rising as sharply as investors feared. Brent opened trading up nearly 13%, and by mid-session, WTI had increased by 4.24%. Futures on U.S. stock indices also partially recovered from earlier declines: S&P 500 down 0.67%, Dow down 0.71% — significantly less than the initial losses of over 1%. Gold rose 1.76%.
The energy sector in China moved against the market: PetroChina gained 7% in Shanghai in the morning, and the CSI Energy Index was up 5%. The Kospi market in Korea — one of the leading growth drivers in Asia in 2024 — was closed on Monday due to a nationwide holiday, so the sharp reaction is postponed until Tuesday.
Bitcoin’s losses over the past 24 hours amounted to 2.2%, which is significantly better than the performance of stocks and index futures in Asia.