Daily Market Update: Bitcoin Holds Steady as Gold Slides and US Stocks Fall for Fourth Week

TLDR

• Bitcoin is holding above $66,000, down only 6% on the week while most assets fall harder
• Gold has dropped for nine straight days, losing around 18% from recent highs
• US stock futures fell Monday, with the Dow posting its longest losing streak since 2023
• Trump issued a 48-hour ultimatum to Iran over the Strait of Hormuz, threatening strikes on energy infrastructure
• Goldman Sachs raised its oil forecasts, calling the Hormuz disruption the largest-ever supply shock for crude markets

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Bitcoin is holding up better than most assets as global markets slide into their fourth week of losses, driven by the ongoing US-Israeli war with Iran.

As of Monday morning Asia time, Bitcoin was trading at $68,316, up 1.5% in the past 24 hours but down 6% on the week. Ether rose 2.7% to $2,059. Dogecoin was the worst performer among major cryptocurrencies, down 7.4% on the week to $0.09.

Bitcoin (BTC) Price

Tron was the only major crypto in the green on a weekly basis, up 3.8%.

US stock futures pointed lower early Monday. Dow futures dropped around 0.4%, S&P 500 futures fell 0.5%, and Nasdaq 100 futures declined 0.6%.

For the week ending Friday, the Dow and Nasdaq each lost roughly 2%, while the S&P 500 dropped 1.5%. The Dow has now posted four straight weeks of losses, its longest losing streak since 2023.

E-Mini S&P 500 Jun 26 (ES=F)

Gold fell for a ninth consecutive day on Monday to around $4,360. That puts it down roughly 18% from recent highs, despite its traditional role as a safe-haven asset during geopolitical crises.

What’s Driving the Sell-Off

The conflict in Iran is now in its fourth week. President Trump said over the weekend he does not want a ceasefire and issued a 48-hour ultimatum on Saturday, threatening to strike Iranian energy infrastructure if the Strait of Hormuz is not reopened.

Iran responded by saying any such attack would result in an indefinite closure of the Strait and retaliatory strikes on US and Israeli energy assets in the region.

Brent crude edged up to around $113 a barrel, now up more than 70% year-to-date. Goldman Sachs raised its full-year Brent forecast to $85 from $77 and its WTI forecast to $79 from $72. The bank described the Hormuz disruption as the largest-ever supply shock for global crude markets.

Bond yields rose as prolonged conflict raised inflation concerns, reducing expectations for central bank rate cuts.

Market Outlook

Asian stocks fell for a third straight session and are approaching correction territory. European and S&P futures pointed to further losses.

Friday will bring an update to the University of Michigan consumer sentiment index, along with short and long-term inflation expectations. The S&P Global Flash US PMI report is due Tuesday.

Blume said Two Prime is positioned for higher funding and futures rates in the coming weeks, suggesting he sees more upside for Bitcoin than the current market pricing implies.

Trump’s 48-hour ultimatum expires Monday evening.

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