Bitcoin has now fallen three times from $70,000 levels since the crash on February 5, with Wednesday’s Asian session finding the market back at $67,600 after another failed attempt earlier in the week.
As of early Asian trade on Wednesday, BTC was trading at $67,612, down 0.7% in the past 24 hours, but up 3.4% for the week as the post-strike recovery continues. Ethereum fell 2.2% to $1,957, giving up some of its rebound but still up 2.6% in seven days. BNB has been quiet, rising 5.2% for the week to $629.
Damage is concentrated below the board. Dogecoin fell 2.9% in 24 hours and fell 3.9% for the week. Cardano fell 4.2% on the day and 3.5% over seven days. Solana fell 0.8% to $85.16, remaining the worst weekly performer among major currencies at -4.2%, still under pressure from Saturday’s sell-off. XRP was relatively flat, falling 1.3% to $1.35, posting a weekly gain of 1.5%.
The pattern across the board is the same. Most major currencies recovered from weekend lows but failed to hold Tuesday’s highs, leaving markets in a holding pattern pending clarity on the situation in Iran and traditional market reactions stabilizing on Monday.
“BTC’s rebound to $70,000 looks like a classic hit, sprint, rebuild move. A lot of the weekend selling was forced and liquidity is thin, so the rebound is likely to be quick once the pressure is lifted,” Wojciech Kaszycki, chief strategy officer at BTCS SA, said in an email. “The real signal after BTC returns above $70,000 is not the price surge. It is whether ETF inflows remain stable this week.”
FxPro lead analyst Alex Kuptsikevich noted that Tuesday’s rejection “forces us to consider a drop to $63,000 as a viable option” if the cap continues to remain in place.
The macro background doesn’t help. Asian stocks fell sharply on Wednesday as the conflict in Iran continued to unsettle investors, with South Korean shares recording their biggest two-day drop since 2008.
Technology stocks on the MSCI Asia Pacific Index fell 4%, dragging Japan, Taiwan and South Korea lower. The Indian rupee fell to a record low as oil prices fell. Gold moved higher, driving silver higher for the first time this week.
Oil remains the key variable. Brent crude prices rose again despite the U.S. announcing plans to escort oil tankers through the Strait of Hormuz, which has effectively been closed since the weekend attacks.
Meanwhile, U.S. President Donald Trump proposed a tanker insurance plan but gave no details. The longer the Strait is disrupted, the greater the impact of energy prices on inflation expectations, further pushing for rate cuts and thus tightening liquidity conditions that drive risk assets.
“We view Bitcoin as an emerging reserve asset,” said Bitget CEO Gracy Chen. “Many people simply cannot fully accept this because it is easier to invest in gold, which has been around for many years, than to invest in Bitcoin, which is still young and risky.”
Chen pointed to broader disappointment in the crypto market after earlier crashes, noting that “Bitcoin’s current decline is largely driven by this disappointment, especially against the backdrop of new highs in equities, gold, silver, and stock indices.”
