Bitcoin Breaks $74,000 as Crypto Markets Post Greatest Gains Since Start of Iran War

On Monday, cryptocurrency markets recorded their strongest weekly gains since the beginning of the conflict between the USA, Israel, and Iran. Bitcoin briefly broke through the $74,000 mark, while oil prices remained elevated due to attacks on Iranian infrastructure and tensions around the Strait of Hormuz.

Bitcoin and Altcoins Post Significant Gains

Bitcoin rose above $74,000 on Monday morning, gaining 2.9 percent within 24 hours. On a weekly basis, the increase was 9.7 percent. This marked the largest cryptocurrency breaking through an important resistance zone after four failed attempts over two weeks, before the price fell slightly below this level again.

Other major cryptocurrencies also recorded substantial gains. An overview of daily and weekly price changes:

Oil Prices Rise Due to War Escalation

Parallel to the crypto rally, crude oil prices continued to climb. North Sea Brent oil rose approximately 1.5 percent to $104.50 per barrel in Asian trading on Monday, after briefly climbing to $106.50. US light crude WTI approached the $100 mark but fell below it during the day.

The price increases were triggered by US attacks on Kharg Island, Iran’s most important oil export hub, as well as the ongoing blockade of the Strait of Hormuz. In peacetime, approximately one-fifth of global oil production is transported through this waterway. For the first time since the war began, two liquefied gas tankers passed through the strait on Sunday en route to India.

Geopolitical Signals as Drivers of Market Movement

The gains in cryptocurrency markets were driven by a combination of geopolitical signals and macroeconomic factors. US President Trump stated that the United States was in talks with Iran, although Tehran denied this. Iranian Foreign Minister Abbas Araghchi clarified that the Strait of Hormuz was only closed to ships from “hostile states,” which observers interpreted as a softening of the previous total blockade. Indian ships, for example, are said to be allowed through.

Short Liquidations Amplify Price Increases

Part of the price gains can be attributed to forced closures of short positions. According to data from CoinGlass, a total of $344 million in positions were liquidated within 24 hours, of which $284.9 million, or approximately 83 percent, were short positions. Ether shorts were most heavily affected with $127.9 million, followed by Bitcoin with $124.5 million and Solana with $18.5 million. The largest single liquidation involved a Bitcoin position worth $6.94 million on the Bitfinex trading platform.

Focus on the Federal Reserve

The US Federal Reserve also meets on March 17 and 18, 2026. Market participants are watching the meeting with particular interest, as the so-called Dot Plot projection and the subsequent press conference by Fed Chair Jerome Powell will provide insight into the future interest rate path. The slight signs of easing at the Strait of Hormuz could reduce inflationary pressure somewhat and thus influence the scope for possible interest rate cuts.