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Bitcoin Sinks While Gold and Oil Surge on Middle East Tensions

Veronicah Peninah by Veronicah Peninah
June 13, 2025
in Market, News
Reading Time: 4 mins read
Bitcoin Sinks While Gold and Oil Surge on Middle East Tensions
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  • Despite its “digital gold” label, Bitcoin fell 2% during geopolitical turmoil, unlike gold and oil which rose.
  • Gold climbed 0.85% and oil jumped 5% as investors sought traditional safe havens following Israel’s attack on Iran.
  • Bitcoin’s fall alongside stocks challenges its reliability as a store of value during global crises.

The latest attack by Israel on Iran has sent shockwaves through financial markets around the world. Oil prices jumped 5% as investors grew anxious about potential disruptions to supply. Gold, viewed as a traditional safe haven, also rose by nearly 0.85%. The S&P fell by 1.5% as traders avoided riskier assets.

Israel attacks Iran. Oil prices jump 5% while S&P futures fall 1.5%. In response, investors seeking a safe haven buy gold, sending its price up 0.85%. Meanwhile, investors dump Bitcoin, pushing its price down 2%. How can anyone consider Bitcoin to be a digital version of gold?

— Peter Schiff (@PeterSchiff) June 13, 2025

However, Bitcoin — often called “digital gold” — fell 2% instead of strengthening during the upheaval. The drop dispelled the notion that Bitcoin can serve as a haven in times of crisis. The cryptocurrency dived from a high of $104,963 to a low of approximately $103,081, in an indication of panic selling as geopolitical tensions heated up.

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The attack underscores a key market observation: while gold remained strong and oil prices surged, Bitcoin fell alongside stocks, casting doubt on its ability to act as a true store of value during periods of uncertainty.

Gold Eyes $3,500 Barrier Amid Rising Middle East Tensions

As the attack unfolded, investors turned toward oil and gold. Oil jumped by 5%. Gold followed, adding 0.85%. According to Gold Predictors, the price of gold has gone through a period of sideways movement in recent months, a pattern that has frequently appeared before a strong upward break. A similar pattern on the charts suggests that the yellow metal may be preparing for another push higher. 

#GOLD price consolidates sideways before each breakout. These consolidations create price compression before explosive moves.

The recent consolidation broke out of a descending broadening wedge. A move above $3,500 could trigger another surge in gold prices, fueled by… pic.twitter.com/DT87WyhBsN

— Gold Predictors (@GoldPredictors) June 13, 2025

This time, the breakout from the descending broadening wedge has put the market’s focus on the $3,500 barrier. Since prices have moved above this level, the majority of the traders see it as an indication momentum is adequate to drive gold to a new peak. Market participants are watching this move tightly, particularly as tensions in the Middle East continue to rise.

Bitcoin Fall Shakes Investors Confidence 

Meanwhile, the price of Bitcoin dropped 2%, pulling it back toward its support level at $103,081. It declined from a previous high of $104,963, reflecting renewed selling pressure. Over the past 24 hours, Bitcoin fluctuated from a high of $108,369. It is now trading at $104,963, a 2.44% decrease in market capitalization and a 31% rise in trading volume, which is now at $70.06 billion.

Source: CoinMarketCap

The selling pressure came after the attack. Many traders chose to cut their holdings in Bitcoin. Nevertheless, this drop raised questions once again about its ability to act as a digital counterpart to gold.

Market Reaction Shows Divergence Between Assets

As the attack unfolded, oil, gold, and stocks responded in different ways. Oil and gold jumped, while stocks fell and Bitcoin fell even more. The 5% rise in oil and 0.85% rise in gold reflect their appeal during upheaval. Furthermore, the 2% drop in Bitcoin highlights a clear break from the view that it performs like a digital version of gold. Nonetheless, this move underscores a key point for traders and markets alike. Assets may react differently when a crisis strikes.

Tags: Bitcoin (BTC) NewsMarket News

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