New York, March 4, 2026, 12:53 EST — Regular session
Bitcoin jumped past $73,000 on Wednesday, gaining around 7% for the session as traders dove back into risk following a rocky bout of volatility. The cryptocurrency was last at $73,294, up $4,958, or 7.3%, from its previous close, after a session that saw moves between $67,501 and $73,669. Ether also caught a bid, advancing roughly 8.5% to $2,151.
The development comes as the ongoing U.S.-Israeli tensions with Iran continue to snarl shipping in the Strait of Hormuz, leaving oil traders edgy and keeping both inflation and rate bets in flux. UBS’s Giovanni Staunovo noted that while many seem to be betting on things calming down, he cautioned that markets can’t ignore the risk of more production shut-ins if the strait remains closed off. 1
U.S. equities pushed higher after headlines broke about Iranian operatives quietly approaching U.S. officials to discuss potential talks, dialing back some of the most dire conflict expectations. “Until people think what’s happening in the Middle East will cause a recession, they’re giving stocks the benefit of the doubt,” Northlight Asset Management’s Chris Zaccarelli said. Strategy jumped roughly 12%, Coinbase surged 15% by late morning, bolstered by bitcoin’s 7.6% rally. 2
Technical traders keep framing it as a tug-of-war around well-worn markers. Bitcoin’s been stubborn above $60,000, but sellers crowd in before $70,000, according to Trade Nation’s David Morrison. He flagged the daily MACD looking “quite constructive” after its bounce from oversold territory. 3
U.S. spot bitcoin ETFs kicked off March in positive territory, pulling in net inflows. According to Farside Investors, March 2 brought in $458.2 million, with another $225.2 million following on March 3. BlackRock’s iShares Bitcoin Trust (IBIT) stood out, drawing $263.2 million and $322.4 million on those days, respectively. 4
Rates remain in flux. Fed Governor Stephen Miran pointed out that higher oil prices would push up headline inflation, but said there’s scant evidence of much impact on core inflation. “It is difficult for me to get very excited about a policy implication of what’s happened so far,” he said. Cleveland Fed President Beth Hammack, though, sounded a bit more wary, describing policy as “in a good spot” and suggesting the central bank could stay on pause “for quite some time.” 5
Even so, the bounce hinges on the idea that oil shocks are just passing through. “The market is expecting things to de-escalate,” said Josh Sheluk, portfolio manager at Verecan Capital Management. Should crude stay elevated on renewed tensions, risk appetite could take another hit. 6
The conflict has upended crypto activity in the area. Chainalysis reported that $10.3 million exited Iranian crypto exchanges from Saturday to Monday. Elliptic, a blockchain research firm based in Britain, highlighted a sudden but short-lived surge of outflows at Nobitex. “Some of these flows are almost certainly ordinary Iranians moving funds in response to rising risk,” Chainalysis said. 7
Traders now turn their attention to U.S. labor numbers, with February payrolls on tap Friday. Investors are combing through the data for clues on potential rate cuts. A Reuters poll shows economists expect nonfarm payrolls increased by 59,000 last month, following a 130,000 gain in January. 8
