Bitcoin Holds Ground Amid Global Market Volatility and US-Iran Tensions

The global market experienced a downturn on Tuesday night due to escalating tensions between the US, Israel, and Iran. The Korea Composite Stock Price Index (KOSPI) dropped more than 10%, making its worst single-day drop in two years. The US stock market also suffered, with the S&P 500 slipping about 0.34%, the Dow dipping 0.8%, and the Nasdaq Composite closing 1% lower.

The S&P 500 slipped about 0.34%, while the Dow dipped 0.8% and the Nasdaq Composite closed 1% lower. The plunge extended into overnight trade with the SPDR S&P 500 ETF (SPY) down 0.70%, the SPDR Dow Jones Industrial Average ETF (DIA) falling 0.58%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) tumbling 0.92%. Retail sentiment around QQQ on Stocktwits remained in ‘bearish’ territory over the past day.

Gold's price dropped as much as 5% before paring losses. Gold spot prices are currently trading at around $5,100. The SPDR Gold Shares ETF (GLD) moved 0.83% higher in overnight trade, with retail sentiment on Stocktwits rising to ‘bullish’ from ‘neutral’ territory over the past day.

However, Bitcoin's price held above $68,000, edging 0.5% higher in the last 24 hours. Altcoins such as Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH) led losses among crypto majors on Tuesday night. ADA's price fell 3.6% in the last 24 hours to around $0.26.