After US-Iran Conflict, US Stock Market Sees First Trading Day V-shaped Reversal, Bitcoin Surges Above $70,000

BlockBeats News, March 3rd, with the Middle East situation deteriorating rapidly, the US and Israel launched a large-scale airstrike against Iran. Iran confirmed that multiple senior officials, including the Supreme Leader, were killed in the attack and launched a counterstrike. Following the US-Iran conflict, on the first trading day, the US stock market experienced initial panic selling but staged a deep V-shaped reversal after the S&P and Nasdaq fell more than 1% intraday before rising.

According to Bitget data, the US stock market closed on Monday with the S&P 500 index slightly up, the Nasdaq up 0.36%, and the Dow preliminarily down 0.15%. Analysts stated that the market has initially absorbed the selling pressure from the US-Iran conflict, believing that the current geopolitical risk is still financially manageable. QCP stated that the Middle East conflict has raised short-term volatility but does not affect the long term, and some traders are positioning for a rebound.

Cryptocurrencies surged simultaneously. According to HTX market data, Bitcoin once again rose above $70,000, currently trading at $69,088, with a 24-hour increase of 4.47%. Ethereum is currently priced at $2,036, with a 24-hour increase of 4.42%. Over the past 24 hours, the total liquidation across all platforms reached $359 million, with short liquidation accounting for $227 million.

The US Dollar Index strengthened due to increased safe-haven demand amid the Middle East conflict, ultimately rising by 0.9%, closing at 98.55. The yield on the benchmark 10-year US Treasury closed at 3.951%, while the yield on the 2-year US Treasury sensitive to the Fed's policy rate closed at 3.385%.