Bitcoin is hovering around the $71,800 mark.

Bitcoin prices have bounced back, reaching levels last seen at the beginning of the month, demonstrating the coin's resilience to the escalating conflict in the Middle East compared to safe-haven assets.

The world's biggest cryptocurrency rose almost 5%, hovering around $71,800 early on Wednesday morning.

Bitcoin's price (BTCUSD) increase has also buoyed crypto-reliant companies, with Strategy (MSTR), formerly MicroStrategy, up 7% and Coinbase (COIN) up about 6% in premarket trading. Both are among the top five risers before the opening bell.

The rally comes as oil prices rise, with Brent crude (BRN00), the international benchmark, up 3.5%, close to reaching its most expensive since the summer of 2024, and West Texas Intermediate contracts (WTXR) up 3% after Saudi Arabia's Ras Tanura refinery was struck for the second time on Wednesday. Prices have continued to advance in recent days at a time when concerns are growing about disruptions to the global supply chain.

Despite gains, the crypto is still down close to 8% over the past month, with losses of more than 14% in the past year, per CoinMarketCap data.

The currency has faced five months of consecutive declines as investors moved away from riskier assets amid uncertainty over President Donald Trump's tariffs. February shaped up to be the worst month for bitcoin since June 2022, falling to around the $62,000 mark.

The pioneering crypto's sharp reversal signals a now increasing appetite for risk, with traditional safe-haven assets wavering.

Prices of U.S. Treasurys BX:TMUBMUSD10Y, a safe haven, have suffered from the geopolitical uncertainty and impact it will have on economies worldwide. Reduced chances of the Federal Reserve cutting interest rates have sent yields upwards.

-Nora Redmond

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source: https://www.tradingview.com/news/DJN_SN20260304005970:0/