Svmuu News: Bitcoin held above the $70,000 mark on Thursday, even as crude oil prices surged over 10% to nearly $100 per barrel. Donald Trump stated he was more concerned with stopping Iran's actions than with oil prices, while Iran's new supreme leader made his first public statement, asserting that the Strait of Hormuz should remain closed. Market concerns intensified, leading to significant stock declines: the Nasdaq fell 1.6%, and the S&P 500 dropped 1.2%. Morgan Stanley's $800 million Northport Private Income Fund suspended redemptions, causing its stock to fall 4% and putting broad pressure on the financial sector. JPMorgan Chase, Citi, and Wells Fargo each fell about 3%, while private equity firms KKR and Ares Management dropped 3-4%.

James Butterfill, Head of Research at CoinShares, noted that oil prices and the geopolitical crisis behind them have become the primary drivers of global asset pricing, diminishing the market's sensitivity to Federal Reserve rate hike expectations. Despite increased market volatility, Bitcoin has shown resilience. Dom Harz believes this reflects institutional investor demand for Bitcoin moving beyond mere price speculation, with a greater focus on infrastructure and applications that unlock Bitcoin's financial utility. Bitcoin's steadfast performance amidst multiple intertwined risks indicates that large investors are seeking a more robust Bitcoin financial ecosystem. (CoinDesk)