After the Death of Iran's Supreme Leader, Bitcoin Briefly Rebounds Above $68,000

BlockBeats News, March 1st, according to Bloomberg, following Iran's confirmation of the death of Supreme Leader Khamenei in a US military operation, the crypto market saw a sharp rebound in early Sunday Asian trading.

Bitcoin briefly rose 2.21% to $68,196, then fell back to around $67,300; the day before, it had fallen 3.8%. Ethereum recorded the highest increase at 4.58%, reclaiming the $2,000 level.

Data shows that after a market cap loss of around $128 billion the previous day, the crypto market had recovered about $32 billion in early Sunday trading. Analysts pointed out that due to the crypto market's 24/7 trading, Bitcoin acted as a "liquidity pressure valve" during the weekend geopolitical escalation, absorbing selling pressure that might have otherwise spread to the stock, bond, and commodity markets.

However, the market still faces uncertainty. Iran has launched retaliatory strikes in several locations, including Israel, Qatar, the UAE, and Bahrain, and has threatened further attacks on US-related bases. Some traders believe that true price discovery may occur after the reopening of US stocks and Bitcoin ETF trading on Monday.

The derivatives market also experienced significant volatility. Analytical firms noted that hourly Bitcoin derivatives selling volume surged by around $1.8 billion last Saturday, indicating a rise in short-term hedging sentiment. Meanwhile, tokenized commodity contracts on the decentralized exchange platform Hyperliquid, linked to crude oil, gold, and silver, also saw price increases.