Analysis: Bitcoin holds at $70,000, oil prices surge and credit risk impacts the US stock market

In the context of crude oil prices rising over 10% on Thursday, approaching $100 per barrel, Bitcoin still holds above the $70,000 mark. U.S. President Trump stated that he is more concerned about stopping Iran's actions than about oil prices; meanwhile, Iran's new Supreme Leader publicly declared for the first time that the Strait of Hormuz should remain closed.

Market concerns intensified, leading to a significant drop in stocks: the Nasdaq fell 1.6%, and the S&P 500 dropped 1.2%. Morgan Stanley's $800 million North Port private equity fund suspended redemptions, and its stock price fell 4%, putting pressure on the financial sector. JPMorgan, Citigroup, and Wells Fargo each fell about 3%, while private equity firms KKR and Ares Management dropped 3%-4%.

CoinShares Research Director James Butterfill pointed out that oil prices and the geopolitical crisis behind them have become the main drivers of global asset pricing, with the market's sensitivity to expectations of Federal Reserve interest rate hikes diminishing. Despite increased market volatility, Bitcoin continues to show resilience. Dom Harz believes this reflects that institutional demand for Bitcoin has surpassed mere price speculation, focusing more on the infrastructure and applications that can unlock Bitcoin's financial utility.

Bitcoin remains strong amid multiple intertwined risks, indicating that large investors are seeking a more robust Bitcoin financial ecosystem.