Bitcoin traded just below $77,000 during Asian hours on Wednesday, showing limited movement despite rising geopolitical tensions tied to the Strait of Hormuz. The world’s largest cryptocurrency edged up 0.1% over 24 hours but remained down 0.8% on the week, reflecting a cautious market tone.
The muted price action comes as oil markets surged, with Brent crude climbing above $111 per barrel following reports that Donald Trump had discussed preparations for a prolonged U.S. naval blockade of the Strait of Hormuz. The waterway is a critical global energy route, and any disruption typically triggers broader financial market volatility.
Iran has showed potential willingness to negotiate an interim agreement to reopen the strait, contingent on easing U.S. restrictions, adding another layer of uncertainty to global markets already on edge.
Altcoins Slide as Risk Appetite Weakens
While Bitcoin held relatively steady, major altcoins posted weekly losses. Ethereum declined 2.6% to around $2,310, while XRP fell 3.8% to $1.39. Solana dropped 3.2% to $84.57, and BNB slipped 2.3% to $625.
The only outlier among top tokens was Dogecoin, which rose 5.5% over the week to $0.1016, making it the sole major crypto asset to record gains during the period.
Bitcoin Dominance Rises Amid Global Uncertainty
Bitcoin’s market dominance has begun to climb again, a pattern often seen during periods of macroeconomic stress. Investors typically rotate capital into Bitcoin as a relatively safe haven within the crypto market when uncertainty rises.
The ongoing geopolitical standoff, combined with elevated energy prices and broader macro risks, is reinforcing defensive positioning across digital assets. Market participants are now closely watching both developments in the Middle East and upcoming macroeconomic signals for direction. Bitcoin appears to be carving out a new trading range as fresh sources of demand emerge and selling pressure eases.
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