These measures exacerbated a single fear: that a broader war would keep oil prices high and force the Federal Reserve to keep rates higher for longer. Minutes from the Fed’s June meeting show that a few policymakers saw the case for raising rates before supporting holding them steady. Gold has fallen because a higher trajectory over a longer period of time pushes real yields higher and dulls the appeal of the money-less metal, and bonds have fallen for the same reason.
But Bitcoin left everything behind. Ether was little changed at around $1,800, up 2% for the week, and the rest of the majors barely moved on the day, with Solana the weakest at $76, down 5% over seven days. XRP held $1.09 and dogecoin stood near $0.07.
The only crypto-related thread runs through Korean stocks. Shares of SK Hynix plunged 12% in Seoul after the chipmaker’s U.S.-listed shares jumped 13% in their debut Friday, a reversal that helped send the Kospi down 7%. That chip trade led to the rally that sent Bitcoin soaring on Friday, and its sharp reversal on Monday still left the crypto flat, in both directions.
Bitcoin has now maintained a tight range through a weekend of strikes, a Monday sell-off of all assets that usually react to war, and a hawkish reassessment from the Fed. This is a marked change for a market that once sold out quickly on a single Hormuz stock. It no longer trades the war at all, moving toward dollar liquidity and the chip cycle while oil, gold and rates react.
