The cryptocurrency market experienced a volatile but ultimately positive week, with major developments including fresh investment activity around OKX, Kraken securing a Federal Reserve master account, and a $10 million settlement between Justin Sun and the U.S. Securities and Exchange Commission.
Global attention has also been fixed on escalating tensions in the Middle East. Late last week, the situation intensified dramatically when Israel and the United States launched a coordinated military operation targeting Iran. The offensive began with a series of airstrikes early Saturday.
Iran responded quickly, and the conflict has continued to intensify throughout the week. Despite the reported death of Iran’s Supreme Leader during the first day of the operation, hostilities have expanded, drawing in nearly a dozen countries directly while affecting economies worldwide. One major development was the closure of the Strait of Hormuz, which triggered a sharp rise in energy prices and heightened global economic uncertainty.
Despite the geopolitical turmoil that began during a weekend when traditional financial markets were closed, Bitcoin managed to remain relatively resilient. Immediately following the initial news on Saturday, the cryptocurrency dropped roughly $4,000, falling to around $63,000. However, the decline proved short-lived.
Bitcoin soon recovered those losses and moved higher during the week. By Wednesday, it had surged approximately $11,000 from its weekend low, briefly reaching $74,000 before encountering resistance. At the time of writing, BTC is trading near $70,000, still about 5.5% higher than where it stood a week ago, a notable performance given the uncertain macroeconomic environment.
Among large-cap altcoins, only a few outperformed Bitcoin during the same period, including HYPE, NEAR, SKY, and MNT. Meanwhile, several other major tokens, such as ADA, CC, BCH, SHIB, WLFI, and DOT, recorded notable losses.
Market Snapshot
Total Crypto Market Cap: $2.46 trillion
24-Hour Trading Volume: $108 billion
Bitcoin Market Dominance: 56.9%
Top Assets:
BTC: $70,000 (+5.6%)
ETH: $2,050 (+4.4%)
XRP: $1.38 (+1.4%)
