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Veteran strategist Ed Yardeni raised his probability of a stock market crash this year as oil tops $100, the dollar posts its best week in a year, and the Iran conflict expands to Saudi Arabia.
Starcloud CEO Philip Johnston noted that it is 30 times cheaper to mine Bitcoin on ASICs than on GPUs in space on a kilowatt-hour basis.
NYDIG’s Greg Cipolaro says that Bitcoin and tech stocks aren’t converging and are likely just reacting to macroeconomic conditions rather than trading in tandem.
Nikkei drops more than 6%, and Kospi slides about 8% as traders price supply disruption risk, while prediction markets show strong odds of $120 crude.
Japan's benchmark Nikkei has plunged 7% after Monday's market open, while South Korea's KOSPI has dropped 7.9%.
Whether Bitcoin’s resilience holds may depend less on battlefield developments than on how energy prices respond in the days ahead.
Bitcoin’s price has now fallen over four consecutive days to $66,272 after initially climbing on the US-Israel strikes on Iran.
There was little sign over the weekend of any de-escalation in the war against Iran.
Strategy's Bitcoin treasury is valued at over $48.4 billion at the time of this writing, but with a net asset value of less than 1, it's trading at a discount.
The central debate has shifted from whether bitcoin can survive to if it can function as a sovereign reserve asset, as critics assess it by institutional standards.
Murban crude, a key benchmark for barrels that can bypass the Strait of Hormuz, now trades at $103 per barrel.
Bitcoin price weakness brought back the risk of cementing its 200-week exponential moving average trend line as new resistance.
