Bitcoin climbed back above the $70,000 level on Tuesday during East Asia trading hours, recovering from a weekend selloff as geopolitical tensions and volatility in energy markets rattled global financial assets. The largest cryptocurrency briefly fell to around $65,000 over the weekend as investors reacted to rising oil prices and escalating conflict in the Middle East. Prices later stabilized in the mid-$60,000 range before rebounding as markets adjusted to the geopolitical developments. The move higher came as crude oil volatility eased after a surge driven by fears of supply disruptions linked to the Strait of Hormuz. Bitcoin initially declined alongside risk assets during the shock but recovered relatively quickly compared with other markets.
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