Bitcoin has rebounded from a dip below $65,200 earlier in the week, trading near $67,500 as March draws to a close. Major altcoins have fared worse, posting losses of between 3% and 8% over the same period. The broader crypto market’s relatively flat performance stands in contrast to significant declines seen across other risk assets.
Global equity markets have endured a difficult month, with the S&P 500 recording its longest losing streak since 2022. The MSCI Asia Pacific index is on course for its worst monthly performance since October 2008, underscoring the scale of the selloff affecting traditional financial markets. Against this backdrop, cryptocurrency’s sideways movement has appeared comparatively resilient.
Geopolitical developments have also influenced market sentiment during this period. The Wall Street Journal reported that President Trump has signaled to aides that he is willing to bring the U.S. military campaign against Iran to an end, even if the Strait of Hormuz remains largely closed. The report prompted equity futures to move higher while oil prices declined.
The Strait of Hormuz is a critical global shipping lane, and any disruption to it carries significant implications for energy markets and international trade. Trump’s reported willingness to accept a closure of the waterway as part of a broader de-escalation marks a notable shift in the administration’s stated position. Investors appeared to interpret the news as reducing the risk of a prolonged military conflict in the region.
As March concludes, losses have been broad across risk assets, with few sectors escaping the downturn. Bitcoin’s recovery from its weekly low suggests some degree of buying interest at lower price levels, though altcoins have not shared in that rebound to the same extent. Market participants will be watching closely to see whether April brings a change in sentiment or a continuation of the current trend.
Originally reported by CoinDesk.
