The fourth day of conflict in the Middle East is leading to renewed volatility in global markets during Tuesday’s pre-market trading, with a clear shift towards risk-off positioning.
Bitcoin is down 3% over the past 24 hours, falling below $67,000 after briefly touching $70,000 on Monday. On the stock side, the Invesco QQQ ETF (QQQ) closed slightly higher to start the week, but is now down about 2% in pre-market trading.
Metals are also under pressure. Gold and silver are both falling, with gold holding above $5,300 an ounce and silver slipping another 4% to around $85 an ounce.
In energy markets, WTI crude oil is above $74 a barrel, up 5% in the past 24 hours, approaching Sunday’s futures highs just above $75. Meanwhile, the US dollar is strengthening sharply, with the DXY index climbing above 99, a level not seen since January 20.
Treasury yields are up slightly across the curve. The US 10-year yield remains firmly above 4% and is trending towards 4.1%, reflecting persistent pressure on rates.
Crypto-related stocks are following bitcoin lower. Strategy (MSTR), the largest publicly traded bitcoin holder, is down 2%. Coinbase (COIN) is down 5%, Galaxy Digital is down 3%, and AI-focused miners IREN (IREN) and Cipher Digital (CIFR) are also down around 4%.
