Since the start of the conflict between the US and Iran on February 28th, Bitcoin’s value has increased by almost 30%. This growth is stronger than both gold and the S&P 500, despite ongoing uncertainty in global markets.
A Week Of Potential Catalysts
According to Markus Thielen, CEO of 10x Research, two upcoming events in the US Senate could cause prices to rise further.
This week, two key events are scheduled: a Senate vote on Monday to confirm Kevin Warsh as Federal Reserve chair, and a Thursday session in the Senate Banking Committee to review the CLARITY Act.
Thielen believes this new crypto legislation is a landmark achievement, potentially providing the clear rules the digital asset industry has been waiting for.
Regarding the potential confirmation of Michael Warsh – who is generally considered to be tougher on inflation than the current Federal Reserve chair, Jerome Powell – Thielen believes it would reduce uncertainty and is therefore positive for Bitcoin. He sees both this confirmation and recent economic events as encouraging signs for the cryptocurrency.
For the past ten weeks, financial markets have been unstable due to the ongoing conflict between the US and Iran. This conflict began after a US airstrike resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and currently shows no indication of resolving quickly.
A major area of concern is the Strait of Hormuz, a narrow waterway that handles about 20% of the world’s oil shipments.
Following a recent statement by Trump, the price of oil increased by 4.5% to $98.68 a barrel, further worsening the existing economic difficulties.
Bitcoin’s Swing After Trump’s Post
On Sunday, Donald Trump used his Truth Social platform to publicly decline Iran’s response to a proposed peace agreement. Iran had asked for financial compensation for past conflicts and the release of funds that have been frozen, but Trump immediately rejected these requests.
Bitcoin’s price briefly fell when the news broke, dropping from $81,400 to $80,500 in under an hour. However, it quickly recovered and, within three hours, climbed back above $82,000, ultimately stabilizing around $82,350 after surpassing $81,000.
Data shows that move wiped out over $60 million in short positions over a four-hour window.
Prime Minister Benjamin Netanyahu of Israel stated that the conflict will continue until all of Iran’s nuclear facilities are destroyed, making a quick end to the fighting unlikely.
Hopes Fade For Early End To The Conflict
Negotiations were hoped to advance by Wednesday, but President Trump’s dismissal of Iran’s offer has stalled progress for the time being.
Over the past ten weeks, the ongoing conflict has highlighted a unique characteristic of Bitcoin: it’s been increasing in value while traditional investments struggle, even with growing global tensions, rising oil prices, and failed attempts at peace negotiations.
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2026-05-12 05:28