Key Highlights
- Bitcoin maintains position above $66,000 with a modest 6% weekly decline, outperforming most traditional assets
- Gold experiences unprecedented nine-day consecutive decline, shedding approximately 18% from recent peak levels
- US equity futures declined Monday morning, with the Dow Jones posting its most extended losing period since 2023
- President Trump delivered a 48-hour deadline to Iran regarding Strait of Hormuz access, warning of potential energy infrastructure targeting
- Goldman Sachs elevated oil price projections, characterizing the Hormuz situation as an unprecedented supply disruption in crude oil history
As global financial markets enter their fourth consecutive week of widespread declines, Bitcoin demonstrates relative strength compared to traditional asset classes, with the US-Israeli conflict with Iran serving as the primary catalyst for market turbulence.
Early Monday trading in Asian markets showed Bitcoin at $68,316, registering a 1.5% gain over the previous 24-hour period while posting a 6% weekly decline. Ether climbed 2.7% to reach $2,059. Among prominent cryptocurrencies, Dogecoin experienced the steepest weekly losses, falling 7.4% to trade at $0.09.
Tron stood as the sole major cryptocurrency showing weekly gains, advancing 3.8%.
Equity futures in the United States indicated further weakness heading into Monday’s session. Dow Jones futures retreated approximately 0.4%, while S&P 500 futures declined 0.5%, and Nasdaq 100 futures fell 0.6%.
The previous week saw the Dow Jones and Nasdaq each surrender roughly 2% of their value, while the S&P 500 shed 1.5%. The Dow’s performance marks four consecutive weeks of negative returns, representing its most prolonged declining streak since 2023.
Gold continued its downward trajectory for a ninth straight session Monday, trading near $4,360. The precious metal has surrendered approximately 18% from recent highs, an unusual move for an asset typically viewed as a safe haven during periods of geopolitical uncertainty.
Alexander Blume, CEO of Two Prime, an SEC-registered investment advisor, characterized the movements in both gold and Bitcoin as “more structural than market-based.” He noted systematic gold purchases by China and other nations aimed at reducing dollar dependence, a pattern that reversed when the conflict intensified and market participants prioritized liquidity.
Forces Behind Market Weakness
The Iranian conflict has now entered its fourth week. During the weekend, President Trump stated his opposition to a ceasefire agreement and delivered a 48-hour deadline on Saturday, warning of strikes against Iranian energy facilities should the Strait of Hormuz remain blocked.
IMPORTANT UPDATE:
Trump gave Iran a 48 hour deadline to open the Strait of Hormuz or he will bomb their power plants
Iran responded they are open to opening the Straits, but want an end to the war and assurances there won’t be more wars
I think we have the foundation for an… pic.twitter.com/KrJW8L2MUL
— Mario Nawfal (@MarioNawfal) March 22, 2026
Iranian officials responded by indicating that any such military action would trigger permanent closure of the Strait along with counterattacks targeting American and Israeli energy installations throughout the region.
Brent crude advanced to approximately $113 per barrel, reflecting a year-to-date surge exceeding 70%. Goldman Sachs revised its annual Brent projection upward to $85 from $77, while increasing its WTI forecast to $79 from $72. The financial institution characterized the Hormuz closure as the most significant supply disruption in global crude oil market history.
Treasury yields climbed as extended conflict duration heightened inflation worries, diminishing market expectations for monetary policy easing by central banks.
Forward-Looking Analysis
Asian equity markets declined for a third consecutive session and are nearing correction levels. European indices and S&P futures indicated additional downside momentum.
Friday’s economic calendar features the University of Michigan consumer sentiment index update, including near-term and long-term inflation expectation data. The S&P Global Flash US PMI report is scheduled for Tuesday release.
Blume indicated that Two Prime has positioned portfolios to benefit from elevated funding and futures rates in upcoming weeks, implying his view that Bitcoin offers greater upside potential than current market valuations suggest.
President Trump’s 48-hour deadline reaches its expiration Monday evening.
