The fourth day of the Middle East conflict is bringing renewed volatility to global markets during Tuesday’s pre-market session, with a clear shift towards risk-off positioning.
Bitcoin is down 3% in the last 24 hours, falling below $67,000 after briefly touching $70,000 on Monday. In stocks, the Invesco QQQ ETF (QQQ) closed slightly higher at the start of the week, but is now down about 2% in pre-market trading.
Metals are also under pressure. Both gold and silver are lower, with gold holding above $5,300 per ounce and silver falling another 4% to around $85 per ounce.
In energy markets, WTI crude oil is above $74 per barrel, up 5% in the last 24 hours, approaching Sunday’s futures highs just above $75. Meanwhile, the US dollar is strengthening markedly, with the DXY index rising above 99, a level not seen since January 20.
Treasury yields are rising across the curve. The US 10-year bond yield remains firmly above 4% and is moving towards 4.1%, reflecting persistent pressure on rates.
Cryptocurrency-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 about 4%.
