Bitcoin surpassed both gold and stocks in performance during the week and a half following the U.S.-Israeli attacks on Iran, trading around $71,000 on Wednesday, according to data from Binance.
The cryptocurrency’s gains, approximately 7% since February 28th, contrast with gold’s stagnant price of roughly $5,240 and a 1% decline in the S&P 500 over the same period. This surge comes after a period of volatility for Bitcoin, which had fallen to as low as $63,000 in recent months, representing a 50% drop from its October peak.
The resilience of Bitcoin during geopolitical instability is attributed, in part, to its 24/7 trading availability. “Crypto’s 24/7 structure is increasingly an edge for the asset class,” explained Gabe Selby, head of research at CF Benchmarks. “When the Iran conflict escalated over the weekend, crypto-native markets were the only venue open for global risk trading, Here’s a structural advantage that traditional markets cannot replicate.”
Bitcoin’s recent upward trend also coincides with comments made by President Trump on Monday, suggesting the conflict with Iran was nearing resolution. Trump told CBS News, “I think the war is very complete, pretty much,” adding that Iran had “nothing left in a military sense.” Bitcoin experienced a further 4% increase in value following these statements.
Other cryptocurrencies have also seen gains since the start of the conflict. Ethereum is up approximately 7% since February 28th, reaching a price of around $2,070, while Solana has also increased by 7% to roughly $87, both figures reported by Binance.
Looking ahead, Selby indicated Bitcoin is approaching a key resistance level. “Looking ahead from a technical perspective, Bitcoin is targeting its recent local high, the $72,000–$73,000 resistance area,” he said. “A sustained close above that level on volume shifts the narrative from short squeeze to genuine momentum recovery.”
Meanwhile, the U.S. Justice Department is investigating potential Iranian use of Binance to circumvent U.S. Sanctions, according to reports from the Wall Street Journal and Iran International. The probe centers on funds potentially directed to groups including Yemen’s Houthi movement. Authorities have reportedly contacted individuals with knowledge of the transactions as they gather evidence. Binance has stated it “categorically did not directly transact with any sanctioned entities.” The investigation comes months after a presidential pardon was granted to Binance founder Changpeng Zhao.
The Justice Department’s investigation follows a similar inquiry announced on March 11th, focusing on Iran’s alleged use of Binance for sanctions evasion and financing of terrorist organizations, including the IRGC, according to Euronews.
