The recent Israel-Iran conflict led to a dramatic shift in the markets as the price of the benchmark Brent crude oil rose more than 10%, hitting its highest point since January. On June 13, it closed at $75.18 a barrel.
On the other hand, Bitcoin fell as much as 5% following the attack before recovering some losses. As per Kraken, it was trading at $104,984.23 at press time.
The market dynamics in the wake of the latest escalation in the Middle East were a matter of intense discussion on Crypto Twitter.
An X user, @R1chrdHeartLose, drew an interesting correlation between the ETH/BTC chart and oil price during 2021-25.
The Russia-Ukraine war led to the hike in oil prices in early 2022, nearing $120 a barrel. But it began to slide downwards from mid-2023 onwards.
In early 2025, oil prices crashed to nearly $60 a barrel but rebounded to $75 due to the recent conflict.
The prices of cryptocurrencies peaked around 2021, with Bitcoin hitting north of $60,000. But the crypto winter soon crept in, but the listing of U.S. spot Bitcoin exchange-traded funds (ETFs) in January 2024 led to its price rising to around $70,000.
The subsequent breakdown soon led to another Bitcoin rally once Donald Trump won the presidential election in November 2024. His pro-crypto policy had the king coin hitting a new record high of $111,970.17 on May 22, 2025.
The current price dynamics of oil and crypto reflect a divergence from the correlation drawn by the X user. Traders are looking at oil as a safe haven asset, crypto no more so.
Rising oil prices have a surprising new impact first appeared on TheStreet on Jun 14, 2025
