Svmuu News In the context of crude oil prices surging over 10% on Thursday, approaching $100 per barrel, Bitcoin still managed to hold above the $70,000 level. U.S. President Trump stated that he is more concerned with stopping Iran's actions than with oil prices; meanwhile, Iran's new supreme leader made his first public statement, claiming 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 $8 billion North Haven Private Income Fund suspended redemptions, and its stock price fell 4%, putting pressure on the financial sector broadly. JPMorgan Chase, Citigroup, and Wells Fargo fell approximately 3%, while private equity firms KKR and Ares Management declined 3%-4%.
James Butterfill, Head of Research at CoinShares, pointed out that oil prices and the underlying geopolitical crisis have become a primary driver of global asset pricing, with market sensitivity to expectations of Federal Reserve rate hikes diminishing. Despite increased market volatility, Bitcoin continues to demonstrate resilience, reflecting that institutional demand for Bitcoin has moved beyond mere price speculation to focus more on the infrastructure and applications that can unlock Bitcoin's financial utility. Bitcoin's steadfastness amidst multiple intertwined risks indicates that large investors are seeking a more mature Bitcoin financial ecosystem. (CoinDesk)