Bitcoin tops $71,000 as oil jumps, stocks slip on Gulf risk

Bitcoin climbed 3.1% to $71,352 on Tuesday morning as oil prices jumped and U.S. stock futures slipped, following steps by Saudi Arabia and the United Arab Emirates to grant U.S. forces access to bases, raising the risk of a broader war with Iran.

The advance in digital assets came as equities lost ground. S&P 500 futures were down 0.5%, and European shares were set to open about 0.8% lower after a brief relief rally faded overnight.

Bitcoin rebounded from a weekend drop below $68,000. ETH, SOL, DOGE and XRP gained about 2% to 4% in the same period.

Brent crude rose roughly 4% to near $104 on supply concerns. Shipping through the Strait of Hormuz remained constrained, with only a small number of vessels reported transiting the chokepoint. The dollar strengthened about 0.3%. Gold fell 1.5%, extending its longest daily losing streak on record.

Some market participants cite forced selling by funds facing margin calls in other positions as a factor behind gold’s slide, given the metal’s liquidity, while Bitcoin has held a range near $71,000.

On the geopolitical front, Saudi Arabia agreed to provide the U.S. military access to King Fahd Air Base, reversing an earlier position that its facilities would not be used to strike Iran. The UAE took similar steps. Iran’s deputy parliamentary speaker ruled out talks with the United States. A five-day window set by President Trump for Iran expires Saturday.

Treasury yields and swap spreads have widened since the fighting began. Some analysts flag a 10-year yield above 4.5% or swap spreads beyond 60 basis points as levels that could prompt policy adjustments. Others warn that a move above 5% on the 10-year could trigger financial strains that lead to intervention, a backdrop that could initially pressure Bitcoin along with other risk assets before any recovery tied to policy support.

For now, Bitcoin’s steadier tone stood out on a morning when oil prices rose, equities softened and gold extended losses, with investors watching Gulf military developments and any disruption to energy flows.