The US-Israel conflict pushes up oil prices, and Bitcoin remains stable due to resistance in the US market

Gate News Report, March 9 — Despite the conflict between the U.S., Israel, and Iran pushing oil prices above $100 per barrel, Bitcoin has remained relatively stable around $67,000 over the past week. This may be related to Bitcoin’s close correlation with the U.S. stock market — as the U.S. is a net oil exporter with low dependence on Middle Eastern oil, the U.S. stock market has performed relatively countercyclically, benefiting Bitcoin as well. Data shows that the U.S. mainly imports oil from Canada and Mexico, with only 4% coming from Saudi Arabia, making it largely immune to supply disruptions in the Strait of Hormuz. Since the conflict erupted on February 28, the S&P 500 (U.S. benchmark index) and Nasdaq (U.S. tech stock index) futures have fallen just over 3%, while the Nikkei (Japan’s benchmark index) dropped 10%, India’s Nifty index fell 5%, and South Korea’s Kospi index declined over 16%. With the launch of spot ETFs and expectations of regulatory easing following Trump’s victory, Bitcoin has gradually evolved into a quasi-U.S. risk asset, increasingly linked to U.S. financial conditions. Additionally, Bitcoin had already retraced from its highs to around $60,000 before the conflict, releasing short-term selling pressure and providing a relatively stable foundation for current prices.