Bitcoin Defies Global Market Chaos as US-Iran Tensions Escalate
Global markets plummeted on Tuesday night as US-Iran tensions escalated into their fifth day. The Korea Composite Stock Price Index (KOSPI) suffered its worst single-day drop in two years, falling over 10%. Meanwhile, the S&P 500 slipped 0.34%, while the Dow dipped 0.8% and the Nasdaq Composite closed 1% lower.
The US stock market's decline was mirrored by gold, which shed gains of up to 5% before recovering slightly. The SPDR Gold Shares ETF (GLD) rose 0.83% in overnight trade after retail sentiment on Stocktwits shifted from 'neutral' to 'bullish'. In contrast, the cryptocurrency market held its ground, with Bitcoin trading at $68,000.
Altcoins struggled, however, with Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH) leading losses among crypto majors. ADA fell 3.6% to around $0.26, while DOGE dropped 2.9% to $0.088. ETH's price dipped 1.4% to $1,966.