Bitcoin Tops $74K as Crypto Market Posts Big Gains

Cryptocurrency markets recorded their strongest weekly gains since the outbreak of hostilities involving the United States, Israel, and Iran, with Bitcoin briefly surpassing $74,000 on Monday as investors reacted to shifting geopolitical signals and broader market dynamics.

The leading digital asset rose about 2.9% over the past 24 hours, while posting a weekly gain of nearly 10%, according to market data. The move allowed Bitcoin to break through a key resistance level that had held firm during several previous attempts over the past two weeks, though prices later retreated slightly below that threshold.

Altcoins Follow Bitcoin Higher

The broader crypto market also experienced strong upward momentum, with several major digital assets recording significant daily and weekly gains.

Ethereum climbed roughly 7.7% over the past 24 hours, extending its weekly increase to more than 14%. Solana advanced about 5.6%, while Dogecoin rose 4.6% and XRP gained over 4% during the same period. BNB also posted solid gains, reflecting a wider recovery across large-cap cryptocurrencies.

The rally suggests that market sentiment has improved after several weeks of heightened volatility linked to geopolitical tensions in the Middle East.

Oil Prices Climb as Conflict Intensifies

At the same time, global energy markets continued to experience upward pressure due to developments in the ongoing conflict.

North Sea Brent crude rose about 1.5% in Asian trading to around $104.50 per barrel, after briefly reaching $106.50 earlier in the session. U.S. West Texas Intermediate (WTI) crude also approached the $100 level before pulling back later in the day.

The price increases were partly triggered by reported U.S. strikes on Kharg Island, one of Iran’s most important oil export facilities, as well as continuing tensions surrounding the Strait of Hormuz, a critical shipping route through which roughly 20% of global oil supplies normally pass.

Despite the heightened tensions, shipping activity showed early signs of normalization. For the first time since the conflict escalated, two liquefied natural gas carriers reportedly passed through the strait on Sunday on their way to India.

Geopolitical Signals Influence Market Sentiment

Analysts say the latest moves in crypto markets reflect a combination of geopolitical developments and broader macroeconomic factors.

Short Liquidations Accelerate the Rally

The surge in cryptocurrency prices was also fueled by the rapid liquidation of bearish positions.

Data from derivatives analytics platform CoinGlass shows that about $344 million in leveraged crypto positions were liquidated within 24 hours, with roughly 83% consisting of short positions betting on falling prices.

Ethereum accounted for the largest share of liquidations, totaling $127.9 million, followed by Bitcoin at $124.5 million and Solana at $18.5 million. The largest single liquidation occurred on the Bitfinex exchange, where a Bitcoin position worth nearly $7 million was forced to close.

Such liquidations often amplify market momentum, as traders forced to exit short positions must buy back assets, pushing prices higher.

Markets Await Federal Reserve Signals

Investors are now turning their attention to the U.S. Federal Reserve’s upcoming policy meeting scheduled for March 17–18, which could influence the broader macroeconomic outlook.

Market participants will closely watch the Fed’s updated “dot plot” projections and the press conference by Federal Reserve Chair Jerome Powell, both of which may offer clues about the future path of interest rates.

Some analysts suggest that any easing of tensions around the Strait of Hormuz could help moderate inflationary pressures linked to energy prices, potentially affecting expectations for future rate cuts.

For now, the combination of geopolitical developments, macroeconomic uncertainty, and derivatives market activity continues to shape the direction of cryptocurrency prices.