Key Highlights
- Bitcoin maintains support above $66,000 with only 6% weekly decline, outperforming traditional markets
- Precious metal selloff continues with gold experiencing nine consecutive days of losses, shedding approximately 18% from peak levels
- American equity markets extended their decline Monday with Dow Jones recording its longest downturn since 2023
- President Trump delivered a 48-hour deadline to Iran regarding Strait of Hormuz access, warning of potential energy infrastructure attacks
- Goldman Sachs upgraded crude oil price targets, characterizing the Hormuz situation as an unprecedented supply disruption
Digital assets are demonstrating notable resilience compared to conventional investments as worldwide markets enter their fourth consecutive week of downward pressure, primarily influenced by escalating tensions between the US-Israeli alliance and Iran.
During Monday’s Asian trading session, Bitcoin was changing hands at $68,316, registering a 1.5% gain over the previous day while showing a 6% weekly decline. Ethereum advanced 2.7% to reach $2,059. Among prominent digital currencies, Dogecoin experienced the steepest losses, falling 7.4% weekly to $0.09.
Tron emerged as the sole major cryptocurrency posting weekly gains, climbing 3.8%.
American equity index futures indicated additional losses at the start of Monday’s session. Dow Jones futures decreased approximately 0.4%, S&P 500 contracts slipped 0.5%, while Nasdaq 100 futures retreated 0.6%.
Throughout the week concluding Friday, both the Dow and Nasdaq registered approximately 2% losses, with the S&P 500 declining 1.5%. The Dow Jones has now recorded four consecutive weeks of negative performance, marking its most extended losing period since 2023.
The precious metal continued its descent for a ninth straight session Monday, declining to approximately $4,360. This represents an 18% retreat from recent peak levels, challenging its conventional status as a defensive asset during international conflicts.
Alexander Blume, CEO of Two Prime, an SEC-registered investment advisor, characterized the movements in gold and Bitcoin as “more structural than market-based.” He highlighted China and additional nations systematically accumulating gold reserves to diminish US dollar reliance, a pattern that reversed as hostilities intensified and liquidity requirements took precedence.
Factors Behind the Market Decline
The Iranian conflict has now entered its fourth week. President Trump stated during the weekend that he opposes a ceasefire agreement and delivered a 48-hour ultimatum Saturday, warning of strikes against Iranian energy facilities should the Strait of Hormuz remain closed.
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
Tehran countered by declaring that any military action would trigger permanent Strait closure along with counter-attacks targeting American and Israeli energy installations throughout the region.
Brent crude climbed to approximately $113 per barrel, now showing gains exceeding 70% for the current year. Goldman Sachs revised its annual Brent projection upward to $85 from $77, while elevating its WTI estimate to $79 from $72. The financial institution characterized the Hormuz disruption as representing the most significant supply shock in global crude market history.
Treasury yields increased as extended conflict heightened inflation fears, diminishing prospects 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 and S&P futures signaled continued losses ahead.
Friday’s calendar includes the University of Michigan consumer sentiment index update, accompanied by near-term and long-range inflation forecasts. The S&P Global Flash US PMI report is scheduled for Tuesday release.
Blume indicated Two Prime maintains positions anticipating elevated funding and futures rates in upcoming weeks, implying he anticipates greater Bitcoin appreciation than current market valuations suggest.
Trump’s 48-hour deadline reaches expiration Monday evening.
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