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The Bitcoin price is exploding. The cryptocurrency is up 6.10% on the day. For the first time since early February, BTC is rising above $71,000. What’s notable: The Middle East conflict currently appears to be acting as a price driver.
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Bitcoin Price Explodes Above $71,000: BTC’s Massive Gains
The Bitcoin price is exploding in the daily trend. Over the last 24 hours, Bitcoin’s market value has risen 6.10% to $71,088. In the weekly trend, price gains are already adding up to 8.70%.
- Bitcoin
(BTC) - Price $73,323.00
- Market Cap
$1.47 T
Asset manager CoinShares noted yesterday in a market commentary that it’s Bitcoin leading the current positive development of the crypto market. Many other cryptocurrencies are following this example. The entire crypto market has already grown 5.17% over the last 24 hours.
While the total value of the crypto market has risen to $2.41 trillion since yesterday, sentiment has declined according to the CMC Crypto Fear & Greed Index. Yesterday, the index rated sentiment at 20 out of 100 points; today the rating dropped to 19 points. The market is therefore back in “extreme fear.”
Why is the Bitcoin price rising so strongly during the Iran war?
The question remains: Why is the Bitcoin price rising so strongly precisely during the Iran war? It’s unusual for the largest cryptocurrency to profit from a military conflict. During growing international tensions, BTC typically reacts with price losses. Investors are showing uncertainty.
The conflict between Israel, the US, and Iran caused geopolitical shockwaves that shook financial markets but apparently gave the crypto market new significance.
Bitcoin and other cryptocurrencies are evidently considered safe havens. Investors increasingly seem to be turning to cryptocurrencies to escape the disruptions of war. CoinPro reported on the phenomenon yesterday. It was notable that crypto activity in Iran increased rapidly.
Iranian crypto exchanges paid out 873% more BTC than usual for calendar year 2026 so far. Blockchain analysts found that Bitcoin worth $10.3 million had flowed out of trading platforms in three days. It’s conceivable that Iranian citizens seeking to secure their money are behind these transactions.
While fiat currencies can experience dramatic value changes during crises, a complete collapse of a cryptocurrency like Bitcoin is significantly less likely. Thanks to BTC, users not only remain liquid, but the payment system continues to function while traditional payment services could be restricted during war.
The war in Iran deepens the significance of Bitcoin and other cryptocurrencies as reliable stores of value. Independence from state actors and their neutrality are leading to the popularization of blockchains.
At the same time, an upward trend could be playing out independently of the conflict. Bitcoin may have consolidated long enough below $70,000 to launch a fresh price rally. Institutional investors have been noticeably buying over recent days.
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