The cryptocurrency complex is demonstrating notable resilience by holding on to the bulk of the gains from yesterday despite the broader macroeconomic turbulence. The market easily absorbed the passing of the midnight UTC deadline to reopen the Strait of Hormuz without any visible military escalation or strikes on Iranian infrastructure.
Cryptocurrency Complex Holds Firm as Geopolitical Tensions Whip Oil
24 March 2026 - 10:40 CET
By Stu Clelland
President Trump’s decision to delay strikes, citing productive talks that Tehran quickly dismissed as fake news, has left the market searching for clarity. Volatility remains the baseline with the White House cautioning that no formal meetings are finalized and the military conflict intensifying.
Digital assets: Holding steady
Bitcoin is trading at $70,900 as of 08:00UTC and keeping a tight range after peaking at $71,081 during the Asian session. The flagship digital asset continues to find strong support after touching a low of $67,434 yesterday. Ether is mirroring that stability and is currently trading at $2,157 after an Asian session peak of $2,165, putting it up slightly from the previous close of $2,151.
Energy & commodities: Wild swings in crude
Oil is whipping violently as news events continue to roll out. Crude has rebounded sharply after plunging from a high of $114.43 down to $96.00 on initial reports of a diplomatic breakthrough on 23 Mar. Brent crude peaked at $104.35 in the Asian session and is trading around $102.00 at 08:00UTC. Supply anxieties remain front and centre, prompting Japan to announce the release of its national oil reserves starting Thursday.
Gold continues to hold at historic premiums as the ultimate safe haven asset. Spot gold is trading around $4,420 at 08:00UTC, down slightly from its Asian session peak of $4,448, but well-supported above the low of $4,098 seen yesterday.
Equities: Digesting the uncertainty
Japanese equities experienced a choppy session today, peaking at 53,307 before sliding to a low of 51,650. The Nikkei 225 index has since stabilized and is trading around 52,940 at 08:00UTC as the region digests the impact of energy costs and the strategic oil release from Japan.
US equities saw a relatively muted session on 23 Mar while waiting for the geopolitical dust to settle, with the S&P 500 closing at 6,580 after hitting an intraday high of 6,651 points.
