The cryptocurrency market regained momentum this week, with bitcoin rising 4.55% and now trading around USD 72,000, supported by USD 455 million in net inflows into spot Bitcoin ETFs since Monday. This trend reflects a renewed appetite for risk in line with the rebound in equity indices, but also a reassessment of bitcoin’s role in an increasingly unstable geopolitical environment. Other major cryptocurrencies are following the leader’s trajectory: ether has climbed back above USD 2,200 (+5%), Solana is up to USD 83 (+2%), and XRP is advancing to USD 1.34 (+1.3%). This synchronized movement shows a market repositioning after several weeks of extreme volatility.
The most striking development of the week comes from the Strait of Hormuz. According to the Financial Times, Iran has announced that every oil tanker crossing this strategic corridor will have to declare its cargo by email and pay a tax of roughly USD 1 per barrel, payable in bitcoin, in a few other cryptocurrencies, or in Chinese yuan. The measure appears designed to bypass the US dollar and the sanctions associated with it. Although this announcement should be treated with caution, it highlights a broader trend: the growing use of cryptocurrencies as a tool to circumvent traditional financial systems in geopolitical hotspots. It also reinforces the perception of bitcoin as a geopolitical asset, capable of reacting to major diplomatic events, as demonstrated by its rapid jump following the first rumors of this tax.
From an investment perspective, the crypto market is in a paradoxical configuration. On one hand, the substantial inflows into spot Bitcoin ETFs show that institutional investors continue to increase their exposure, even in a highly uncertain geopolitical environment. On the other hand, volatility remains elevated, fueled by conflicting reports surrounding the Strait of Hormuz and by the market’s sensitivity to tensions in the Middle East. Bitcoin now carries a dual identity: a risk asset when equity markets rise, but also an alternative safe haven when geopolitical tensions escalate. This duality creates fertile ground for rapid moves and sharp reversals. For investors, the current environment offers interesting potential, but requires disciplined risk management, as external catalysts can shift the market’s trajectory within hours.