TLDR
- Bitcoin climbed back above $70,000 on Tuesday after dropping below $68,000 over the weekend
- Saudi Arabia and the UAE are reported to be allowing U.S. forces to use their military bases against Iran
- S&P 500 futures fell 0.5% and European shares were set to drop as tensions escalated
- Oil jumped 4% to around $104 a barrel after Monday’s brief ceasefire optimism faded
- Gold is on its longest daily losing streak on record, falling 1.5% on Tuesday
Bitcoin recovered on Tuesday morning while stock futures wobbled, as reports emerged that Gulf states are moving to join the conflict with Iran.
Bitcoin rose 3.1% to $70,352 on Tuesday, bouncing back from a slide below $68,000 over the weekend. Ether, Solana, Dogecoin, and XRP all gained between 2% and 4%.
The recovery in crypto came even as traditional markets turned lower. S&P 500 futures fell 0.5%. European shares were set to open down 0.8%.
Markets had rallied strongly on Monday after President Trump described talks with Iran as “very good and productive.” The Dow jumped more than 1,100 points at one point during the session.
That optimism lasted roughly 18 hours. Iranian state media pushed back, saying no direct negotiations had taken place. Iran’s deputy speaker also ruled out talks with the U.S.
This is absolutely insane:
At 7:04 AM ET today, President Trump said “the US and Iran have had productive discussions" to end the Iran War.
By 7:10 AM ET, the S&P 500 surged +240 points adding +$2 TRILLION in market cap.
27 minutes later, Iran completely denied all of… pic.twitter.com/yFpqpJo6aG
— The Kobeissi Letter (@KobeissiLetter) March 23, 2026
The Wall Street Journal reported Tuesday that Saudi Arabia agreed to give the U.S. military access to King Fahd Air Base. This reversed Saudi Arabia’s earlier position that its bases could not be used against Iran. The UAE took similar steps.
Oil prices responded sharply. Brent crude jumped 4% to around $104 a barrel on Tuesday. That followed a steep drop on Monday, when Brent fell close to 11% on hopes of a ceasefire.
West Texas Intermediate crude had also fallen roughly 10% on Monday to settle near $88 per barrel, before rising slightly in late trading.
The Strait of Hormuz remains effectively closed, with only a small number of vessels getting through.
Gold’s Losing Streak Raises Questions
Gold fell 1.5% on Tuesday, extending what is now its longest daily losing streak on record. A safe-haven asset falling during an active war is unusual.
The most likely explanation is forced selling by funds facing margin calls, with gold being the most liquid asset available to sell.
Bitcoin holding steady while gold falls has drawn attention. Crypto is typically seen as the more volatile asset, but this week it has been more stable than gold.
What’s Next for Markets
Trump gave Iran a five-day window to act, which expires Saturday. Saudi Arabia joining the conflict changes the situation, putting oil infrastructure across the Gulf at greater risk.
Investors are also watching U.S. manufacturing data due Tuesday morning. GameStop is set to report earnings after the close on Tuesday.
Stock futures linked to the S&P 500, Dow, and Nasdaq 100 were hovering just above flat as of early Tuesday morning.
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